ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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trade-off
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opportunity cost
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need
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want
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Detailed explanation-1: -Answer and Explanation: The highest valued alternative that must be sacrificed as a result of choosing among alternatives is called the opportunity cost of the alternative chosen.
Detailed explanation-2: -Opportunity cost is the highest-valued alternative a person has to give up when making a choice.
Detailed explanation-3: -Opportunity cost is the value of the best alternative forgone in making any choice.
Detailed explanation-4: -The opportunity cost of a choice is the value of the best alternative given up.
Detailed explanation-5: -Answer and Explanation: The highest-valued alternative that must be forgone when a choice is made is called opportunity cost. It is the cost arising due to not choosing the advantages/ benefits associated with the best alternative choice.