Question
What is opportunity cost?
the limited availability of goods or services
a benefit lost when choosing between two options
the resources used to produce finished goods or services
a system of directly exchanging goods or services for other goods or services
the limited availability of goods or services
a benefit lost when choosing between two options
the resources used to produce finished goods or services
a system of directly exchanging goods or services for other goods or services
Answers
GPT-4o mini
Opportunity cost is best defined as **a benefit lost when choosing between two options**. It represents the value of the next best alternative that is foregone when a choice is made.