Opportunity cost is
A)Measured only in dollars and cents.
B)The total dollar cost to society of producing the goods.
C)The difficulty associated with using one good in place of another.
D)The best alternative that must be given up in order to get something else.

Question

Quizplus · Accepted Answer

Opportunity cost is the cost of the best alternative that must be given up in order to get something else. It is not necessarily measured only in dollars and cents, or the total dollar cost to society of producing goods. It also refers to the difficulty associated with using one good in place of another. However, the most accurate definition is that it represents the best alternative that must be given up, making choice D the correct answer.

Opportunity Cost Is