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8 January, 01:26

What represents the value of the second-best alternative that a person gives up when making a choice?

A marginal spending

B. marginal benefit

Ос.

opportunity cost

D. marginal cost

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Answers (1)
  1. 8 January, 01:55
    0
    c. opportunity cost

    Explanation:

    Opportunity cost defines that these costs are those costs which provide benefits from the alternatives available. The best is acknowledged and the worst is rejected. The chosen alternative should only be made of the alternatives available.

    According to the given situation, the correct option is Opportunity costs as it gives second best alternative when a person gives up when doing selection.
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