The best measure of the opportunity cost of any choice is:
A)the monetary cost of that choice.
B)whatever you have given up to make that choice, even if no monetary costs are involved.
C)the cost associated with not taking full advantage of the opportunity offered by that choice.
D)your hourly wage.

Question

Quizplus · Accepted Answer

The opportunity cost of any choice includes what you have given up to make that choice, even if no monetary costs are involved. Therefore, the best measure of opportunity cost is option B.

The Best Measure of the Opportunity Cost of Any Choice