The opportunity cost of a decision is the
A) value of the best alternative not chosen.
B) value of all the alternatives not chosen.
C) cost of making the wrong choice.
D) cost incurred by others who are unhappy with your decision.

Question

Quizplus · Accepted Answer

The opportunity cost of a decision is the value of the best alternative not chosen. This means that when making a decision, the best choice is the one that provides the greatest value in terms of benefits, while also taking into account the potential costs of not choosing the next best option. Therefore, choosing the option with the highest opportunity cost can result in the greatest benefit.

The Opportunity Cost of a Decision Is the