Those things that must be forgone to acquire a good are called:
A)competitors
B)substitutes
C)opportunity costs
D)explicit costs

Question

Quizplus · Accepted Answer

Opportunity costs are the things that must be forgone to acquire a good. Therefore, C is the correct choice. Competitors are other firms or businesses in the same industry, substitutes are goods that can be used in place of another, and explicit costs are the actual monetary costs associated with producing a good or service. None of these options accurately describe the concept of opportunity cost.

Those Things That Must Be Forgone to Acquire a Good