Question

In economics, the cost of something is a. the dollar amount of obtaining it. b. always measured in units of time given up to get it. c. what you give up to get it. d. often impossible to quantify, even in principle.

Answer 1

In economics, the cost of something is c. what you give up to get it.

Explanation:

Cost is the amount that is to be paid for the goods or services consumed by the individual. Economists define the cost as what you give up to get it.

Paying some amount to get something you want. The cost can be referred as the monetary value of efforts, utilities consumed, resources, materials, time and opportunity forgone in the production of a good or service.

Cost can be classified as fixed cost, variable cost, semi-variable cost and total cost.