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What type of cost is associated with the opportunity lost when choosing one alte

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Question: What type of cost is associated with the opportunity lost when choosing one alternative over another?

Options:

  1. Sunk cost
  2. Fixed cost
  3. Variable cost
  4. Opportunity cost

Correct Answer: Opportunity cost

Solution: 

Opportunity cost represents the potential benefits lost when one alternative is chosen over another.

What type of cost is associated with the opportunity lost when choosing one alte

Practice Questions

Q1
What type of cost is associated with the opportunity lost when choosing one alternative over another?
  1. Sunk cost
  2. Fixed cost
  3. Variable cost
  4. Opportunity cost

Questions & Step-by-Step Solutions

What type of cost is associated with the opportunity lost when choosing one alternative over another?
  • Step 1: Understand that when you make a choice, you have to give up something else.
  • Step 2: Recognize that the value of what you gave up is called opportunity cost.
  • Step 3: Realize that opportunity cost is the benefits you miss out on by not choosing the other option.
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