The opportunity cost of a purchase or decision is measured by what is given up to make the purchase or decision.

Name: The opportunity cost of a purchase or decision is measured by what is given up to make the purchase or decision.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative that is forgone as a result of making a particular decision or purchase. It represents what is given up in order to take a certain action.

The Opportunity Cost of a Purchase or Decision Is Measured