"The value of the next best alternative" defines
A)the Law of Increasing Costs.
B)the economic problem.
C)allocative efficiency.
D)opportunity cost.

Question

Quizplus · Accepted Answer

"The value of the next best alternative" refers to the opportunity cost. It is the cost of choosing one option over another, and it is a fundamental concept in economics. Therefore, the correct answer is D.

"The Value of the Next Best Alternative" Defines