an ""opportunity cost"" may be described as a.the opportunity foregone. b.the value of the next best alternative. c.all of these responses are correct. d.the correct measure of cost. e.the value of what must be given up.

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an ""opportunity cost"" may be described as When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else.

Opportunity cost is frequently referred to as the second-best option. The loss of gain that would have been realised if a different option had been chosen is sometimes referred to as the alternative cost. The loss of benefit as a result of a change in choice is another way to explain it.

Opportunity cost is frequently referred to as the second-best option. The loss of gain that would have been realised if a different option had been chosen is sometimes referred to as the alternative cost. The loss of benefit as a result of a change in choice is another way to explain it.

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