The term "opportunity cost" points out that
A) there may be such a thing as a free lunch.
B) not all individuals will make the most of life's opportunities because some will fail to achieve their goals.
C) executives do not always recognize opportunities for profit as quickly as they should.
D) any decision regarding the use of a resource involves a costly choice.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the cost of a decision in terms of the next best alternative foregone. It emphasizes that choosing one option means giving up the opportunity to benefit from another, hence involving a costly choice.

The Term "Opportunity Cost" Points Out That