The cost of a trade-off is known as the ________ of that decision.
A) marginal cost
B) net cost
C) opportunity cost
D) comparative cost
E) explicit cost

Question

Quizplus · Accepted Answer

The cost of a trade-off is known as the opportunity cost of that decision. The opportunity cost is the cost of the next best alternative that must be forgone in order to pursue a certain action. Therefore, the best choice is C, opportunity cost.

The Cost of a Trade-Off Is Known as the ________