The highest-valued alternative that must be given up to engage in an activity is the definition of
A)utility.
B)implicit cost.
C)opportunity cost.
D)economic sacrifice.

Question

Quizplus · Accepted Answer

Opportunity cost is the highest-valued alternative that must be given up to engage in an activity. It represents the cost of foregone opportunities and is often used in economic decision-making to compare the benefits of different choices. Options A, B, and D are either incorrect or incomplete in their definitions of the concept.

The Highest-Valued Alternative That Must Be Given Up to Engage