The opportunity cost of an activity is best measured:

A) only by the monetary costs.
B) by the number of alternative activities that were forgone.
C) by the cost difference between the chosen activity and the next best alternative.
D) by the value expected from the best alternative that is forgone.
E) as the time wasted choosing among various activities.

Opportunity Cost

The value of the best alternative forgone when an item or activity is chosen.

Monetary Costs

Expenses measured in terms of the amount of money expended or required to purchase goods, services, or assets.

Alternative Activities

Options or activities that can be chosen as alternatives to the current activity being engaged in, often considered in the context of opportunity cost.