What is the definition of opportunity cost?
A) the costs of expanding your opportunities.
B) the cost of not taking advantage of your opportunities.
C) the cost of the best alternative that you choose.
D) the cost of the best alternative that you do not choose.

Question

Quizplus · Accepted Answer

Opportunity cost is the cost of the best alternative that you do not choose. This means that when you make a choice, you are giving up the benefits of the best alternative. Therefore, the best choice is the one that has the lowest opportunity cost. By choosing the option with the lowest opportunity cost, you are maximizing your benefits and minimizing your losses.

What Is the Definition of Opportunity Cost