SSC
GENERAL ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Opportunity Cost is best defined as
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The real cost of the next best alternative
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The price you pay to buy something
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The benefit you gain by making a decision
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The amount of money you lose by making a decision
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Explanation:
Detailed explanation-1: -“Opportunity cost is the value of the next-best alternative when a decision is made; it’s what is given up, ‘’ explains Andrea Caceres-Santamaria, senior economic education specialist at the St.
Detailed explanation-2: -Concept of Opportunity Cost. Opportunity cost is commonly defined as the next best alternative. Also, known as the alternative cost, it is the loss of gain which could have been gained if another alternative was chosen.
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