Opportunity cost:
A)is useful when discussing the allocation of resources.
B)refers to a next-best alternative that is not chosen when making decisions.
C)can be used to measure the cost of something without using monetary prices.
D)is all of the above.
E)statements A)and B)only.

Question

Quizplus · Accepted Answer

Opportunity cost is a concept that is useful when discussing the allocation of resources, refers to the next-best alternative that is not chosen when making decisions, and can be used to measure the cost of something without using monetary prices. Therefore, all of the options mentioned in the answers are correct, making D the best choice.

Opportunity Cost