The cost involved when choosing between alternatives is known as the
A) marginal cost.
B) sunk cost.
C) opportunity cost.
D) normative cost.

Name: The cost involved when choosing between alternatives is known as the A) marginal cost. B) sunk cost. C) opportunity cost. D) normative cost.
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Question

Quizplus · Accepted Answer

Opportunity cost refers to the cost of choosing one alternative over another, essentially the benefit you give up by not choosing the next best option.

The Cost Involved When Choosing Between Alternatives Is Known as the