The opportunity cost of doing or getting something is defined as
A) the difference between the marginal cost and benefit of doing something.
B) the materials used in doing or getting something.
C) the value of the best alternative that is given up in order to do or get something.
D) the money spent in doing or getting something.

Question

Quizplus · Accepted Answer

Opportunity cost is the value of the alternative forgone, so the correct choice is C. A is incorrect, as it refers to marginal analysis rather than opportunity cost. B is incorrect, as it describes the input that goes into producing something. D is incorrect, as it refers only to the monetary cost of doing or getting something.

The Opportunity Cost of Doing or Getting Something Is Defined