Question

The value of what must be foregone in order to undertake an activity is known as Multiple choice question. opportunity cost. a trade-off. economic surplus.

Answer 1

In business, people often make choices. Opportunity Cost is the value of what must be foregone in order to undertake an activity.

What is opportunity cost?

• The economists often refer to this type of cost as the amount or the value of the next highly rated alternative use of one's money or resource.

An example is when a person spend their time and money going to a shop, one cannot spend that time at cooking, and you even did not spend the money on other things.

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