The concept of “opportunity cost” is best defined as:
A. The total cost of producing a good or service
B. The cost of producing an additional unit of a good or service
C. The value of the next best alternative foregone
D. The price at which a good or service is sold in the market
Answer:C
The concept of “opportunity cost” is best defined as:
A. The total cost of producing a good or service B. The cost of producing an additional unit of a good or service C. The value of the next best alternative foregone D. The price at which a good or service is sold in the market