Opportunity cost may be defined as the:
A) The value of goods or services that are forgone in order to obtain something else.
B) Dollar price paid for a final good or service.
C) Dollar cost of producing a particular product.
D) Dollar cost of the next best alternative resources for producing a gooD.

Question

Quizplus · Accepted Answer

Opportunity cost is the value of the goods or services that are forgone or given up in order to obtain a particular good or service. In other words, it is the cost of the next best alternative, meaning what could have been done with the resources used to produce a good or service.

Opportunity Cost May Be Defined as The