Which of the following statements about the opportunity cost of an action is the most accurate?
A) It is the same for everyone who undertakes the action.
B) It is the difference between the benefits that result and the expenses incurred as a result of the action.
C) It is the value of the best forgone alternative.
D) It is the same as the expected benefit of the action.

Question

Quizplus · Accepted Answer

Opportunity cost is the value of the best alternative forgone, which is the next best alternative that people give up when making a choice. It varies from person to person, and it depends on their individual preferences, resources, and circumstances. Therefore, options A, B, and D are incorrect.

Which of the Following Statements About the Opportunity Cost of an Action