Question

What is the definition of opportunity cost?

A.
The added cost when the level of some activity is raised by one unit
B.
The set of goods produced if all resources are used efficiently
C.
The value of the best forgone alternative
D.
Individual consumers and their decisions

Answer 1

C - The value of the best forgone alternative

Step-by-step explanation:

the loss of potential gain from other alternatives when one alternative is chosen.