What is the term for what you give up to get an item?

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative forgone in order to pursue an action or obtain something. It is the cost of a trade-off. Therefore, D is the correct answer. Implicit cost refers to the opportunity cost of not using an asset in its next best use, while direct cost is the cost that can be easily traced and accounted for. True cost is a more subjective term that takes into account various factors such as externalities and social costs.

What Is the Term for What You Give Up to Get