The benefit foregone by not choosing an alternative course of action is referred to as a(n):

Question

Quizplus · Accepted Answer

The benefit foregone by not choosing an alternative course of action is known as opportunity cost. This is the cost of the next best option that is forgone when a choice is made. It is an important concept in economic decision-making, as it helps to determine the true cost of a decision. Therefore, option A is the correct answer as it correctly defines the concept of opportunity cost.

The Benefit Foregone by Not Choosing an Alternative Course of Action