The concept of opportunity cost is best described by option d. This option encapsulates both the value of what certain resources could have produced had they been used in the best alternative way and the cost of choosing between two alternatives. Opportunity cost refers to the benefits or value that is foregone by choosing one option over another.
The concept of opportunity cost is described in which of the following statements?
a. The monetary value of an exchange of goods for services or the opportunity to do something.
b. The value of what certain resources could have produced had they been used in the best alternative way.
c. The cost of choosing between two alternatives.
d. Both the value of what certain resources could have produced had they been used in the best alternative way and the cost of choosing between two alternatives.
1 answer
1 answer