Asked by Preston Tribble on Apr 28, 2024
Verified
That which we forgo, or give up, when we make a choice or a decision is known as
A) equity.
B) causation.
C) correlation.
D) opportunity cost.
Opportunity Cost
The cost of the next best alternative that must be foregone as a result of making a particular decision.
- Understand the concept of opportunity cost in different scenarios.
Verified Answer
MA
Michelle AgbayaniMay 02, 2024
Final Answer :
D
Explanation :
Opportunity cost refers to the benefits or value one gives up by choosing one alternative over another. It's a fundamental concept in economics and decision-making, representing the potential gains from the best-foregone option.
Learning Objectives
- Understand the concept of opportunity cost in different scenarios.