Which of the following is a true statement?
A) 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 less alternatives there are the greater the cost.
D) Opportunity cost is always a foregone opportunity.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative foregone. Therefore, it is always a foregone opportunity. Option A is incorrect because cost can be measured in any currency. Option B is incorrect because opportunity cost can vary depending on individual preferences and circumstances. Option C is also incorrect because having fewer alternatives may actually lead to a lower opportunity cost.

Which of the Following Is a True Statement