Opportunity cost is best defined as the value of
A)all of the other possible options that the decision maker could have chosen.
B)the alternative which the decision maker would choose if more resources were available.
C)what is gained from the alternative which is chosen.
D)resources that are given up to attain the alternative that is chosen.
E)the next best alternative that the decision forces one to give up.

Question

Quizplus · Accepted Answer

Opportunity cost is defined as the next best alternative that one is forced to give up in order to pursue a certain action or decision. Therefore, the best choice would be option E which directly addresses this definition.

Opportunity Cost Is Best Defined as the Value of