Question

What represents the value of the second-best alternative that a person gives up when making a choice?

A.marginal spending
B.marginal benefit
C.opportunity cost
D.marginal cost

Answer 1

Opportunity cost is what represents the value of the second-best alternative that a person gives up when making a choice. When someone has to decide between two or more alternatives to a decision, what has been given up is known as the opportunity cost.

Answer 2

Opportunity cost represents the value of the second-best alternative that a person gives up when making a choice. Correct answer: C

Opportunity cost is the value of something that is given up to get something else that is wanted and is expressed as the value of the next best alternative to the choice made.