Opportunity cost defines the cost of an activity as the foregone benefit from the next best...

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Opportunity cost defines the cost of an activity as the foregone benefit from the next best...

Opportunity cost defines the cost of an activity as the foregone benefit from the next best alternative activity.

True OR False

business economics

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Answer 1

Answer #1

"True"

The opportunity cost is the next best alternative that has been given up to achieve the present activity. For example, we can play PUBG or study, if we are playing PUBG then studying is the opportunity cost.

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Answer 2

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Opportunity cost defines the cost of an activity as the foregone benefit from the next best...

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The cost of an action is measured in terms of the foregone activity called sunk costs....

QUESTION 23 Opportunity cost of an activity O a. May include both monetary costs and foregone...

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Under the opportunity cost approach, the cost of each alternative includes the incremental costs and the...

Opportunity cost defines the cost of an activity as the foregone benefit from the next best...

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