Question

opportunity cost
a. only is considered for goods in short supply.
b. is the value of the next best alternative as a result of choosing some given alternative
c. is the value of all alternatives forgone as a result of choosing some given alternative
d. either b or c

Explanation:

Opportunity cost is defined as the value of the next - best alternative forgone when a decision is made. It is not about all alternatives forgone (which would be too broad and not practical to measure in most cases) and is not only considered for goods in short supply. It applies to all decision - making situations where alternatives exist.

Answer:

B. is the value of the next best alternative as a result of choosing some given alternative