The value of the best alternative sacrificed to obtain something you want is referred to as
A)explicit cost.
B)opportunity cost.
C)marginal cost.
D)sunk cost.

Question

Quizplus · Accepted Answer

The value of the best alternative sacrificed to obtain something you want is referred to as opportunity cost. It represents the cost of the next best alternative that could have been chosen instead. This is an important concept in economics as it helps individuals and businesses make decisions that maximize the benefit they receive from their choices.

The Value of the Best Alternative Sacrificed to Obtain Something