The opportunity cost of a decision is that: a. value of all the alternatives not chosen. b. value of the best alternative not chosen. c. cost of making the wrong choice. d. cost incurred by others who are unhappy with your decision.

Question

Chanel Baxter

Business

11 May, 14:46

The opportunity cost of a decision is that: a. value of all the alternatives not chosen. b. value of the best alternative not chosen. c. cost of making the wrong choice. d. cost incurred by others who are unhappy with your decision.

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Answers (1)

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Gay · Answer 1

a. value of all the alternatives not chosen

Explanation:

Opportunity cost is the value of the alternative forgone. it is also called real cost or alternative forgone.

It is an economic concept that stems from the fact that wants are unlimited however, the resources available to satisfy those wants are limited and as such, choices have to be made.