Asked by Rachel Zingerman on Jul 13, 2024
Verified
The opportunity cost of something is what you give up to get it.
Opportunity Cost
The cost of the next best alternative foregone when making a decision.
- Understand the concept of opportunity cost and its significance in economic decision-making.
Verified Answer
GR
Gabriela ResendezJul 17, 2024
Final Answer :
True
Explanation :
Opportunity cost refers to the value of the next best alternative that is forgone as a result of making a decision. It represents what you give up in order to pursue a certain action or choice.
Learning Objectives
- Understand the concept of opportunity cost and its significance in economic decision-making.
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