Question

question 2 (2 points) which of the following best describes the concept of opportunity cost? a) the amount of money spent on a good or service. b) the value of the next best alternative is foregone when a choice is made. c) the total cost of all alternatives foregone when a choice is made. d) the difference between the chosen option and the least preferred option.

Explanation:

Opportunity cost is defined as the value of the next - best alternative that is forgone when a choice is made. It represents the trade - offs involved in decision - making.

Answer:

B. The value of the next best alternative is foregone when a choice is made.