Question

what is an opportunity cost? 1 point the least valued opportunity you choose when making a choice the most valued opportunity you give up when making a choice the least valued opportunity you give up when making a choice the most valued opportunity you choose when making a choice

Explanation:

To determine the correct definition of opportunity cost, we recall that opportunity cost refers to the value of the next - best (most valued) alternative that is forgone or given up when a decision is made.

• The first option is incorrect because it talks about the least - valued opportunity chosen, and opportunity cost is about what is given up, not chosen.
• The third option is incorrect as it refers to the least - valued opportunity given up, but opportunity cost is about the most - valued alternative forgone.
• The fourth option is incorrect because it is about the most - valued opportunity chosen, while opportunity cost is about what is given up.
• The second option correctly states that opportunity cost is the most valued opportunity you give up when making a choice.

Answer:

B. The most valued opportunity you give up when making a choice