The amount of a good that is given up to produce another good is:

Question

Quizplus · Accepted Answer

The amount of a good that is given up to produce another good is known as its opportunity cost. This cost is measured in terms of the alternative goods or services that could have been produced with those resources. While the dollar cost, relative cost, and absolute cost may also be relevant in some cases, the opportunity cost is the most fundamental concept in economics.

The Amount of a Good That Is Given Up to Produce