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7 May 2018

The opportunity cost of something is
(a) greater during periods of rising prices.(b) equal to the money cost.(c) equal to the value of all the alternatives given up to get it.(d) the value of the next best alternative that is given up to get it.(e) none of the above.

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Sixta Kovacek
Sixta KovacekLv2
8 May 2018
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Related questions

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.

Which statement represents a rational application of opportunity cost?
1. The value of the choice must be greater than the sum of all available alternatives.
2. The value of the next-best alternative is irrelevant since the alternative was not selected.
3. The value of the next-best alternative must be greater than or equal to the cost of the choice.
4. The value of the choice must be greater than or equal to the cost of the next- best alternative.
5. Opportunity cost is useful for evaluating a decision after the fact, but not during the decision-making process.

Opportunity cost of choosing an option is:

A. the next best alternative given up to choose the option

B. not related to the alternative given up

C. the worst alternative given up to choose the option

D. all the alternatives not chosen

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