________ refers to the benefit given up by choosing an alternative course of action.

Question

Quizplus · Accepted Answer

Opportunity cost is the benefit that is foregone by choosing one option over another. It is the cost of forgoing the next best alternative. Sunk cost, on the other hand, is a cost that has already been incurred and cannot be recovered. Relevant and irrelevant costs refer to costs that are applicable or not applicable to a particular decision-making situation.

________ Refers to the Benefit Given Up by Choosing an Alternative