A potential benefit given up when one activity is selected over another best defines
A)sunk costs.
B)variable costs.
C)opportunity costs.
D)reflective costs.

Question

Quizplus · Accepted Answer

Opportunity cost is a concept used in economics to refer to the benefits that are foregone when one alternative is chosen over another. It is the value of the best alternative forgone in a situation where a choice has to be made between several mutually exclusive options.

A Potential Benefit Given Up When One Activity Is Selected