Question

Which best describes an opportunity cost?
A. accepting an opportunity to do something else when making an economic
B. decision giving up an opportunity to do something else when making an
C. economic decision accepting an opportunity to help accomplish something else when making an economic decision
D. giving up an opportunity to increase prices when making an economic decision

Answer 1

Opportunity cost is concept used in economics. It denotes the benefit of something that must be given up to acquire or achieve something else. Because of this opportunity cost is used in the decision-making process. The following best describes an opportunity cost: decision giving up an opportunity to do something else when making an . Correct answer: B

Answer 2

Opportunity Cost are those potential benefits that a business, individual or investor misses out on while choosing one alternative over other.

What is Opportunity cost?

• It represent those benefits that could have been gained by taking a different decisions.
• It allows firms to take best possible decision.
• It is also known as Alternative cost.
• Opportunity cost arises when resources are scarce.

Thus, the correct option would be Option B.

To learn more about Opportunity Cost, refer: https://brainly.com/question/1549591

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