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Which of the following best describes the term 'opportunity cost'?
Which of the following best describes the term 'opportunity cost'?
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Practice Questions
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Q1
Which of the following best describes the term 'opportunity cost'?
The cost of the next best alternative foregone
The total cost of production
The fixed costs incurred regardless of production
The variable costs associated with production
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Opportunity cost refers to the cost of the next best alternative that is foregone when a decision is made.
Questions & Step-by-step Solutions
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Q
Q: Which of the following best describes the term 'opportunity cost'?
Solution:
Opportunity cost refers to the cost of the next best alternative that is foregone when a decision is made.
Steps: 4
Show Steps
Step 1: Understand that when you make a choice, you have to give up something else.
Step 2: Identify what you are giving up when you make that choice.
Step 3: Recognize that the value of what you gave up is called the 'opportunity cost'.
Step 4: Remember that opportunity cost is specifically about the next best option you didn't choose.
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