Asked by Yessenia Castro on Jul 22, 2024
Verified
The cost of an action is measured in terms of foregone opportunities.
Foregone Opportunities
The benefits or income missed out on when choosing one alternative over another.
- Understand the significance of opportunity cost in choices related to economics.
Verified Answer
AA
Ahmad AbboudJul 25, 2024
Final Answer :
True
Explanation :
This statement refers to the concept of opportunity cost, which is the cost of an action measured by the value of the next best alternative that is not chosen.
Learning Objectives
- Understand the significance of opportunity cost in choices related to economics.