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Economics
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Opportunity cost is best defined as

A) the cost of producing the purchased goods.

B) the sum of the dollar values of all alternatives given up when choices are made.

C) the next highest valued alternative when a choice is made.

D) the dollar price of the purchased item.

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Divya Singh
Divya SinghLv10
25 Oct 2020
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Related questions

Which statement concerning opportunity costs is false:
Ā 
A) Opportunity costs can always be expressed in money terms
B) Every choice involves opportunity costs
C) Opportunity costs are the highest-valued alternatives that must be forgone when a choice is made
D) The full cost of activity includes the opportunity costs
E) Economists refer to the forgone benefits of the next-best alternative as opportunity costs.

Opportunity cost is best defined as:

A) How much money is paid for something.
B) How much money is paid for something, taking inflation into account.
C) The highest-valued alternative that is given up to get something.
D) All the alternatives that are given up to get something.

Opportunity cost :

a. represents the best alternative sacrificed for a chosen alternative.

b. has no relationship to the various alternatives that must be given up when a choice is made in the context of scarcity.

c. represents the worst alternative sacrificed for a chosen alternative.

d. represents all alternatives not chosen.

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