Multiple Choice
Which of the following is the best definition of opportunity cost?
A) The value of the sum of all possible alternatives to a particular choice
B) The value of the next-best foregone alternative that was not chosen because something else was chosen
C) The value of a choice multiplied by the value of the next-best alternative
D) The cost of making an opportunistic choice
E) None of these is remotely close to an appropriate definition of opportunity cost.
Correct Answer:
Verified
Correct Answer:
Verified
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