The opportunity cost of doing or getting something is best and fully defined as:
A) The difference between the marginal cost and benefit of doing something
B) The materials used in doing or getting something
C) The value of the best alternative that is given up in order to do or get something
D) The money spent in doing or getting something

Question

Quizplus · Accepted Answer

The opportunity cost is the value of the best alternative that is given up in order to do or get something. This means that by choosing one option, you are forgoing the benefits of another. It is not just the money spent or the materials used, but the value of what you are giving up. Therefore, option C is the correct answer.

The Opportunity Cost of Doing or Getting Something Is Best