Opportunity costs are the returns foregone on any resource or asset from using it in its next best use.

Name: Opportunity costs are the returns foregone on any resource or asset from using it in its next best use.
Brand: Quizplus
Rating: 5.0 (37 reviews)

Question

Quizplus · Accepted Answer

Opportunity costs refer to the benefits that could have been attained from using a given resource or asset in its best alternative way. Therefore, it is the loss of potential gain from one option when choosing another option.

Opportunity Costs Are the Returns Foregone on Any Resource or Asset