Question

The opportunity cost of doing or getting something is defined as

A)the difference between the marginal cost and benefit of doing something.
B)the materials used in doing or getting something.
C)the value of the best alternative that is given up in order to do or get something.
D)the money spent in doing or getting something.

Answer 1

The opportunity cost is the value of the best alternative given up in order to do or get something.

Step-by-step explanation:

The concept of opportunity cost is defined as the value of the best alternative that is given up in order to do or get something. It is the cost of one item in terms of the lost opportunity to do or consume something else. For example, if a person chooses to buy a burger, their opportunity cost would be the value of the best alternative they gave up to buy the burger, such as the money they could have spent on bus tickets.