Which of the following does the term "opportunity cost" refer to?
A) the price paid for the opportunity to buy stock in an initial public offering
B) the finder's fee paid to a job placement agency for locating employment for workers
C) the dollar price paid for a good
D) the value of the best forgone alternative

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative forgone when a choice is made. It is the cost of the foregone opportunity, and it is a critical concept in economics to make informed decisions about resource allocation.

Which of the Following Does the Term "Opportunity Cost" Refer