Opportunity costs:
A)are irrelevant
B)are the foregone benefits of the next best alternative
C)are the costs associated with the selected alternative
D)are the combined benefits of all alternatives other than the one selected

Question

Quizplus · Accepted Answer

Opportunity costs are the foregone benefits of the next best alternative. Therefore, to make the best choice, it is essential to consider not just the benefits of the selected alternative but also the benefits of the next best alternative that had to be forgone.

Opportunity Costs