What you give up to obtain an item is called your
A) opportunity cost.
B) explicit cost.
C) true cost.
D) direct cost.

Question

Quizplus · Accepted Answer

Opportunity cost is the cost of the next best alternative that must be forgone in order to pursue a certain action. This is the most appropriate term to describe what is given up in order to obtain an item. Explicit cost refers to the actual expenses incurred, true cost is not a commonly used term, and direct cost refers to costs that are directly related to the production of a good or service.

What You Give Up to Obtain an Item Is Called