Opportunity cost is best defined as
A) how much money is paid for something.
B) how much money and time it takes to consume something.
C) the value of the highest-valued alternative that is forgone in making a choice.
D) the total of all other alternatives that are forgone in making a choice.
E) the sunk cost of any decision.

Question

Quizplus · Accepted Answer

Opportunity cost is the value of the highest-valued alternative that is forgone in making a choice. It is the cost of the next best alternative that must be given up in order to pursue a certain action.

Opportunity Cost Is Best Defined as