Question

Which best describes an opportunity cost? accepting an opportunity to do something else when making an economic decision giving up an opportunity to do something else when making an economic decision accepting an opportunity to help accomplish something else when making an economic decision giving up an opportunity to increase prices when making an economic decisionWhich best describes an opportunity cost? accepting an opportunity to do something else when making an economic decision giving up an opportunity to do something else when making an economic decision accepting an opportunity to help accomplish something else when making an economic decision giving up an opportunity to increase prices when making an economic decision

Answer 1

Step-by-step explanation:

Opportunity cost is defined as the value of what you lose when you choose from two or more alternatives. It’s the added cost of using resources that is the difference between the actual value resulting from such use and that of an alternative (such as another use of the same resources or an investment of equal risk but greater return).

In other words, it’s the forgone benefit that would have been derived from an option not chosen

Opportunity cost is the sum of two specific types of costs: explicit and implicit, the former being more easily calculated than the latter.