Which of the following statements best describes opportunity costs?
Choose 1 answer:
(A) The price to a consumer of a good or service
(B) The cost a buyer sees for something they want
(C) The value of things given up when a decision is made.
(D) The tradeoffs faced when choosing how to use a scarce resource
(E) The monetary cost of any economic transaction

Question

Which of the following statements best describes opportunity costs?
Choose 1 answer:
(A) The price to a consumer of a good or service
(B) The cost a buyer sees for something they want
(C) The value of things given up when a decision is made.
(D) The tradeoffs faced when choosing how to use a scarce resource
(E) The monetary cost of any economic transaction

Accepted Answer

***C*** ∻Key Concept∻ ⚹Opportunity Cost⚹ ∻Explanation∻ ⚹Opportunity cost is the value of the next best alternative foregone as a result of making a decision. It represents the benefits an individual, investor, or business misses out on when choosing one alternative over another.⚹◊What is the relationship between opportunity costs and tradeoffs in macroeconomics?⍭ Generate me a similar question◊

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