The opportunity cost of an item is
A)the number of hours that one must work in order to buy one unit of the item.
B)what you give up to get that item.
C)always less than the dollar value of the item.
D)always greater than the cost of producing the item.

Question

Quizplus · Accepted Answer

Opportunity cost is what you give up to get that item. It refers to the value of the best alternative forgone, which could have been chosen instead of the item in question. Therefore, option B is the correct choice as it accurately describes the concept of opportunity cost.

The Opportunity Cost of an Item Is