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Opportunity cost refers to _________.a. current economic conditions. b. your personal values.c. trade-offs when a decision is made. d. commonly accepted financial goals.
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Opportunity cost refers to _________.a. current economic conditions. b. your personal values.c. trade-offs when a decision is made. d. commonly accepted financial goals.

User IoaTzimas
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7 votes

Answer:

c. trade-offs when a decision is made

Step-by-step explanation:

Opportunity cost is the value of the next best alternative. It represents the foregone benefits as a result of choosing one option over the others. The forfeited option is the trade-off with the preferred choice.

Trade-offs are a result of decision-making processes. Individuals and businesses have many needs and want, which they have to meet with limited resources. Every decision requires preferring one choice and trading-off another. Opportunity cost is the trade-off option.

User DaWiseguy
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