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What does the term 'opportunity cost' refer to? (2022)

Practice Questions

1 question
Q1
What does the term 'opportunity cost' refer to? (2022)
  1. The cost of production
  2. The cost of the next best alternative foregone
  3. The total cost of all alternatives
  4. The cost of resources

Questions & Step-by-step Solutions

1 item
Q
Q: What does the term 'opportunity cost' refer to? (2022)
Solution: Opportunity cost refers to the cost of the next best alternative that is foregone when making a decision.
Steps: 0

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