Which of the following is a TRUE statement?
A) Opportunity cost is always measured in the nation's currency.
B) Opportunity cost is an objective measure since the cost of an activity is the same for everyone.
C) The fewer alternatives there are the greater the opportunity cost.
D) Opportunity cost is always a foregone opportunity.

Question

Quizplus · Accepted Answer

Opportunity cost is always a foregone opportunity, meaning that in choosing one option, the individual or society gives up the opportunity to do or consume something else. Option A is incorrect because opportunity cost can be measured in any currency or even in non-monetary terms. Option B is incorrect because the cost of an activity can vary depending on the individual's circumstances and preferences. Option C is incorrect because the fewer alternatives there are, the lower the opportunity cost because there are fewer choices to give up.

Which of the Following Is a TRUE Statement