Opportunity cost is best defined as
A) marginal cost minus marginal benefit.
B) the time spent on an economic activity.
C) the value of the best forgone alternative.
D) the monetary cost of an economic decision.
E) marginal cost plus marginal benefit.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the best alternative that is forgone when a particular economic decision is made. Therefore, option C is the correct definition. The other options do not accurately define opportunity cost.

Opportunity Cost Is Best Defined as