Question

Define opportunity cost.

Select the correct answer below:
A. All possible consumption combinations of goods that someone can afford when all income is spent.
B. A cost that is made in the past and cannot be recovered.
C. All possible combinations of consumption that someone can afford given the prices of goods and the individual's income.
D. The measure of cost by what is given up in exchange for what is obtained.

Answer 1

the measure of cost by what is given up in exchange for what is obtained

Step-by-step explanation:

The idea behind opportunity cost is that the cost of one item is the lost opportunity to do or consume something else. In short, opportunity cost is the value of what we give up in order to have it.

Answer 2

C) All possibilities combination of consumption that.. I just hope it helps