When we choose a particular option, we must give up alternative options. The highest- valued alternative forgone is the of the option chosen.
A) nonmonetary cost
B) opportunity cost
C) absolute advantage
D) comparative advantage

Question

Quizplus · Accepted Answer

The concept described in the statement is that of opportunity cost, which refers to the value of the best alternative that must be forgone in order to pursue a certain action or opportunity. The other options listed are not directly related to this concept.

When We Choose a Particular Option, We Must Give Up