you give up to obtain an item is called your:

Question

Quizplus · Accepted Answer

Opportunity cost is the cost associated with the next best alternative that must be given up to obtain the desired item or activity. It represents the value of the foregone opportunity. Explicit cost refers to the expenses that are actually incurred and can be easily quantified, while true cost and direct cost are not commonly used terms in economics. Therefore, the best choice is option A) opportunity cost.

You Give Up to Obtain an Item Is Called Your