Question
Opportunity cost is the:
cost incurred when one fails to take advantage of an opportunity.
price paid for goods and services.
cost of the best option forgone as a result of choosing an alternative option.
undesirable aspects of an option.
cost incurred when one fails to take advantage of an opportunity.
price paid for goods and services.
cost of the best option forgone as a result of choosing an alternative option.
undesirable aspects of an option.
Answers
GPT-4o mini
Opportunity cost is the **cost of the best option forgone as a result of choosing an alternative option.** This concept represents the benefits one could have received by taking an alternative action instead of the one chosen.