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What is the best definition of the opportunity cost of a decision?

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Romarie Khazandra Marijuan
Romarie Khazandra MarijuanLv10
30 Oct 2020

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Related questions

Which of the following is the best definition of the opportunity cost of a decision?
1. Actual financial cost of a decision. 
2. The sum of all benefits from all foregone alternatives.
3. The difference between the benefits of the first and second best choices.
4. Benefits from the best foregone alternative.

What factors into the opportunity cost for a decision?

  • Benefits from the best-foregone alternative
  • The actual financial cost of the decision
  • Time spent due to the decision
  • The sum of all benefits from all foregone alternatives
  • The difference between the benefits of the first and second-best choices

The opportunity cost of a decision is measured in terms of

a) the price of a new opportunity that arises.

b) the next best thing has given up.

c( the price of the alternative we choose.

d) sunk cost.

e) time

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