From a firm's viewpoint,opportunity cost is the
A) best alternative use customers can find for the firm's output.
B) cost the firm must pay for the factors of production it employs to attract them from their best alternative use.
C) accounting cost of resources.
D) price a firm can charge for its output.
E) cost of acquiring the opportunity to sell to its customers.

Question

Quizplus · Accepted Answer

Opportunity cost is the cost of the factors of production that a firm employs to attract them from their best alternative use. It is the cost of the next best alternative that must be given up in order to pursue a certain action.

From a Firm's Viewpoint,opportunity Cost Is the