20
QuizMultiple Choice

Cumulative Exam — Cumulative exam

Question 20 • $2526: Full: 2102320: Economics HONORS: NEW CREDIT

Which best describes an opportunity cost?

Answer
A
accepting an opportunity to do something else when making an economic decision
B
giving up an opportunity to do something else when making an economic decision
C
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

Explanation

An opportunity cost is the value of the next-best alternative you give up when you make a choice. For example, choosing to spend money on one item means giving up the chance to use that money for something else. So the best description is “giving up an opportunity to do something else when making an economic decision.”

AI-written and checked against the verified answer.

Previous
Next