The value of what a resource could have produced had it been used in the best alternative way is
A)fixed cost.
B)sunk cost.
C)variable cost.
D)opportunity cost.
E)pecuniary cost.

Name: The value of what a resource could have produced had it been used in the best alternative way is A)fixed cost. B)sunk cost. C)variable cost. D)opportunity cost. E)pecuniary cost.
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Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative forgone when making a decision. It is the cost of a missed opportunity.

The Value of What a Resource Could Have Produced Had