Opportunity cost can best be defined as the
A)value of what must be given up in order to acquire an item.
B)money cost to the buyer to acquire a good or service.
C)total value of all the other items that otherwise could be acquired.
D)cost to the seller to produce an item.
E)time cost to obtain the money to buy an item.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative that must be given up in order to pursue a certain action, such as acquiring an item. Therefore, choice A is the best definition of opportunity cost.

Opportunity Cost Can Best Be Defined as the