What you give up to obtain an item is called your
A)opportunity cost.
B)explicit cost.
C)monetary cost.
D)direct cost.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative that must be given up to obtain a certain item. It is not always monetary in nature, unlike explicit cost which is a direct monetary expense incurred in obtaining an item. Direct cost and monetary cost are closely related to explicit cost, but opportunity cost is a broader concept that encompasses both monetary and non-monetary sacrifices.

What You Give Up to Obtain an Item Is Called