The best alternative use of a resource is referred to as its ________.
A) optimization cost
B) market price
C) social cost
D) opportunity cost

Question

Quizplus · Accepted Answer

The best alternative use of a resource is referred to as its opportunity cost. This means that the resource has value not just in its current use but in other potential uses as well. By understanding the opportunity cost, we can make informed decisions about how to allocate resources for maximum benefit. Therefore, option D is the correct answer.

The Best Alternative Use of a Resource Is Referred to as Its