In many cases, it is reasonable to refer to the ________________ as the price.
A) budget constraint
B) sunk cost
C) opportunity cost
D) budget constraint.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative that is foregone when a decision is made. It can be considered the "price" of choosing one option over another, as it represents what is sacrificed to pursue a certain action.

In Many Cases, It Is Reasonable to Refer to the ________________