Which definition best describes opportunity cost?

Group of answer choices

the price a producer charges for a good or service.

the next-best option you give up when you choose something else.

your odds of winning a lottery if you buy one lottery ticket.

the money you earn at a job if you work there for twenty year

Question

25-08-2022
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Which definition best describes opportunity cost?

Group of answer choices

the price a producer charges for a good or service.

the next-best option you give up when you choose something else.

your odds of winning a lottery if you buy one lottery ticket.

the money you earn at a job if you work there for twenty year

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mboluwape mboluwape · Answer 1 · 2022-08-26T19:15:29+02:00

The definition best describes opportunity cost is the next-best option you give up when you choose something else. option B is the answer

What is opportunity cost?

This is the benefits that an individual forgo to embrace something new. The new product or resources is usually better then the previous ones.

hence, what is lost is the opportunity cost given up for anther. The product oven up most times are the next-best option you to what is now chosen.

Therefore, The definition best describes opportunity cost is the next-best option you give up when you choose something else.

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