The value of the best thing that a person must give up when making a decision is known as the ________ cost.
A) direct
B) benefit's
C) opportunity
D) explicit
E) sunk

Question

Quizplus · Accepted Answer

The value of the best thing a person must give up is known as opportunity cost. This cost represents the benefits that could have been received by choosing an alternative option. Therefore, the best choice would be to consider the opportunity cost in decision making and choose the option that provides the highest benefits after considering the opportunity cost.

The Value of the Best Thing That a Person Must