GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The opportunity cost of a good is
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the time lost in finding it
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the quantity of other goods sacrificed to get another unit of that good
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the expenditure on the good
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the loss of interest in using savings
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Explanation:
Detailed explanation-1: -Answer and Explanation: The correct answer is (b). The amount of other goods that are sacrificed by an individual to get an additional unit of a particular product is the opportunity cost (b).
Detailed explanation-2: -Opportunity cost is defined as the cost of the next best alternative foregone. It represents the sacrifices that people must make due to the scarcity of resources.
Detailed explanation-3: -The concept behind opportunity cost is that, as a business owner, your resources are always limited. That is, you have a finite amount of time, money, and expertise, so you can’t take advantage of every opportunity that comes along. If you choose one, you necessarily have to give up on others.
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