The loss of the highest-valued alternative defines the concept of
A) marginal benefit.
B) scarcity.
C) entrepreneurship.
D) opportunity cost.

Name: The loss of the highest-valued alternative defines the concept of A) marginal benefit. B) scarcity. C) entrepreneurship. D) opportunity cost.
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Question

Quizplus · Accepted Answer

Opportunity cost refers to the loss of the highest-valued alternative when a choice is made. It represents the benefits an individual, investor, or business misses out on when choosing one alternative over another.

The Loss of the Highest-Valued Alternative Defines the Concept of