Opportunity cost is
A) Measured only in dollars and cents.
B) The total dollar cost to society of producing the goods.
C) The difficulty associated with using one good in place of another.
D) What is given up in order to get something else.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the best alternative forgone when making a choice. It is what one gives up in order to get something else. Thus, option D is the correct choice. The other options are not accurate definitions of opportunity cost.

Opportunity Cost Is