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

Question

Quizplus · Accepted Answer

Opportunity cost is the highest-valued alternative that must be given up to engage in an activity. Economic equity is a concept related to fairness in the distribution of resources. Marginal benefit is the additional benefit received from consuming one additional unit of a good or service, while marginal cost is the additional cost incurred from producing one additional unit of a good or service. Therefore, option C is the correct answer as it accurately defines opportunity cost.

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