The highest valued alternative that is foregone when you choose an action is called its:
A) opportunity cost.
B) utility.
C) scarcity.
D) benefit.

Question

Quizplus · Accepted Answer

Opportunity cost is the value of the next best alternative that is forgone when making a decision. It is important to consider opportunity cost when making decisions, as it helps to ensure that resources are being used effectively and efficiently.

The Highest Valued Alternative That Is Foregone When You Choose