What is the definition of opportunity cost?
A)a cost that increases as output increases and decreases as output decreases
B)a cost that does not increase as output increases and does not decrease as output decreases
C)a benefit given up or sacrificed when one alternative is chosen over another
D)a benefit that cannot be easily and accurately traced to a cost object

Question

Quizplus · Accepted Answer

Opportunity cost refers to the benefit or value forgone by choosing one option over another. It represents the benefits one could have received by taking an alternative action.

What Is the Definition of Opportunity Cost