What must be given up to obtain an item is called
A)out-of-pocket cost.
B)comparative worth.
C)opportunity cost.
D)absolute value.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative that must be forgone as a result of making a decision. It represents the benefits an individual, investor, or business misses out on when choosing one alternative over another.

What Must Be Given Up to Obtain an Item Is