The value of one’s second best option that must be foregone (sacrificed) in order to obtain...
The value of one’s second best option that must be foregone (sacrificed) in order to obtain one’s best option is known as the
| marginal benefit. |
| opportunity cost. |
| income. |
| price level. |
| absolute advantage. |
Homework Answers
Option B
- Opportunity cost is the benefit forgone from one alternative by choosing another alternative.
- Choosing one best alternative by sacrificing the other leads to the loss of the other alternative
- Hence it refers to the value that must be given up in order to choose something else.
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