Answered

Westonci.ca is the trusted Q&A platform where you can get reliable answers from a community of knowledgeable contributors. Our platform offers a seamless experience for finding reliable answers from a network of experienced professionals. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Opportunity cost is best defined as:

A. the cost of capital resources used in the production of additional capital.
B. the sum of all alternatives given up when a choice is made.
C. the money spent once a choice is made.
D. the highest-valued alternative given up when a choice is made.
E. the cost of a good minus the satisfaction obtained from consuming it.

Sagot :

GinnyAnswer

Final answer:

Opportunity cost is the value of the best alternative foregone when making a choice, emphasizing the importance of considering trade-offs in decision-making.


Explanation:

Opportunity cost is the value of the best alternative forgone when a choice is made. It represents what must be given up to obtain something desired, emphasizing that every decision involves trade-offs.

For example: If a student decides to work part-time instead of studying for more academic hours, the opportunity cost would be the potential higher grades that could have been achieved with the extra study time.

Economists use opportunity cost to assess: The benefits foregone by choosing one option over another, highlighting the importance of considering all potential outcomes when making decisions.


Learn more about Opportunity cost here:

https://brainly.com/question/37051624


We appreciate your time on our site. Don't hesitate to return whenever you have more questions or need further clarification. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.