Question

5. The opportunity cost is: A. The price of the good not chosen. B. The cost of the good chosen. C. The opportunity that presents itself at the time of purchase. D. The costs of both good, chosen and unchosen.

Answer 1

The opportunity cost is the opportunity that presents itself at the time of purchase.

What is opportunity cost?

This is a concept in the field of economics that is used to show the value that a person misses out due to the fact that they missed out on an option.

It is the cost of choosing one good over another. The value missed out from the good that was not chosen is the opportunity cost.

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