Asked by
Jizreel Jeudy
on Oct 23, 2024
Verified
Opportunity cost is best defined as:
A) the amount of money that is paid for something.
B) the amount of money that is paid for something, considering inflation.
C) the highest valued benefit given up in making a choice.
D) all of the benefits that are given up in making a choice.
Opportunity Cost
The cost of missing out on the next best alternative when making a decision or choice.
Inflation
The rate at which the general level of prices for goods and services is rising, eroding purchasing power.
Benefit
An advantage or profit gained from something.
- Define opportunity cost and its significance in the decision-making process.
Verified Answer
RJ
Learning Objectives
- Define opportunity cost and its significance in the decision-making process.