Question

Opportunity costs are _____.

Responses

the costs related to the product that have to be paid regardless of the amount you sell
the costs related to the product that have to be paid regardless of the amount you sell

the costs that change depending on a company's performance
the costs that change depending on a company's performance

the costs resulting from a business owner's choice when selecting one thing over another and how it will impact the business
the costs resulting from a business owner's choice when selecting one thing over another and how it will impact the business

none of the above
none of the above

Answer 1

the costs resulting from a business owner's choice when selecting one thing over another and how it will impact the business

Explanation: Opportunity cost is the value of the next-best alternative forgone when a decision is made — what you give up by choosing one option over another.