The opportunity cost of undertaking an activity is defined as the:
A) cost forgone by not undertaking another activity.
B) monetary cost of undertaking that activity.
C) benefit forgone by not undertaking the next-best activity.
D) monetary benefit of undertaking that activity.

Question

Quizplus · Accepted Answer

Opportunity cost is the benefit forgone by not choosing the next-best alternative when making a decision.

The Opportunity Cost of Undertaking an Activity Is Defined as The