Opportunity cost is the value of __________________ when a choice is made.
A) the most highly valued forfeited alternative
B) the alternative chosen
C) a free good
D) the sum of all forfeited alternatives

Question

Quizplus · Accepted Answer

Opportunity cost is the value of the most highly valued forfeited alternative when a choice is made. This means that the opportunity cost is the value of the next best alternative that had to be given up in order to make the chosen decision.

Opportunity Cost Is the Value of __________________ When a Choice