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Which statement best describes opportunity cost?
A.) Opportunity cost is the value in dollars of a trade-off.
B.) Opportunity cost is the best choice in a decision.
C.) Opportunity cost is the best alternative decision.
D.) Opportunity cost is all the alternatives not chosen in a decision.

Respuesta :

Answer:

The correct option is;

C.) Opportunity cost is the best alternative decision

Explanation:

Opportunity cost is the return or gain of a chosen or selected alternative subtracted from the return or gain from an alternative forgone. As such the knowledge of the opportunity cost can guide to profitability by ensuring proper assessment of the associated and return of each option.

Opportunity cost is the cost of not gaining from the benefit of the best alternative and economist refer to opportunity cost as the profit gained from from the next highest rated (in value) alternative utilization of a resource.

An opportunity cost is the value of the alternative given up. It refers to the value of the next best alternative and is taken up during the process of decision making.

  • Hence its the opportunity cost is the best alternative to the given decision.
  • Thus the option C is correct.

Learn more about the best describes opportunity cost.

brainly.com/question/8515165.

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