The opportunity cost of a decision is the value of the best foregone alternative.

Name: The opportunity cost of a decision is the value of the best foregone alternative.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The opportunity cost is the value of the best alternative that is given up in order to pursue a certain action. Therefore, the statement "the opportunity cost of a decision is the value of the best foregone alternative" is true.

The Opportunity Cost of a Decision Is the Value of the Best