Opportunity cost includes
A)monetary costs only.
B)non-monetary costs only.
C)both monetary and non-monetary costs.
D)neither monetary nor non-monetary costs.

Question

Opportunity cost includes
A)​monetary costs only.
B)​non-monetary costs only.
C)​both monetary and non-monetary costs.
D)​neither monetary nor non-monetary costs.

Quizplus · Accepted Answer

Opportunity cost includes both monetary costs such as the cost of purchasing a good or service and non-monetary costs such as the time and effort required to obtain or use that good or service. It represents the value of the next best alternative forgone as a result of choosing a particular option.

Opportunity Cost Includes