Question

the value of the next best option forgone is described by which of the following? marginal utility factors of production production possibilities opportunity cost

Explanation:

• Marginal utility refers to the additional satisfaction from one more unit of a good.
• Factors of production are resources used to make goods/services.
• Production possibilities show maximum output combinations of two goods.
• Opportunity cost is defined as the value of the next best alternative that is given up when making a choice.

Answer:

opportunity cost