The term used to emphasize that making choices in the face of scarcity involves a cost is
A) substitution cost.
B) opportunity cost.
C) utility cost.
D) accounting cost.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the benefit that is missed or given up when an investor, individual, or business chooses one alternative over another. It represents the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.

The Term Used to Emphasize That Making Choices in the Face