Asked by
Keagen McCoshen
on Oct 27, 2024
Verified
Opportunity cost is:
A) about half of the monetary cost of a product.
B) the dollar payment for a product.
C) the benefit derived from a product.
D) the value of the best alternative forgone in making any choice.
Opportunity Cost
Foregoing the opportunity for advantages from different choices by opting for a specific one.
Monetary Cost
Monetary cost refers to the total amount of money that is spent to purchase goods or services.
- Absorb the essence of opportunity cost and understand its application in a variety of decision-making environments.
Verified Answer
BS
Learning Objectives
- Absorb the essence of opportunity cost and understand its application in a variety of decision-making environments.