Economic Awareness - Sectors of Indian Economy
Which of the following best describes the concept of opportunity cost?
Which of the following best describes the concept of opportunity cost?
easy Q3 of 15
Step-by-Step Solution
Step 1: Identify the definition of opportunity cost
Opportunity cost is the value of the next best alternative that is given up when a choice is made.Step 2: Analyze options
Only the value of the next best alternative foregone correctly defines opportunity cost.Final Answer:
The value of the next best alternative foregone → Option BQuick Check:
Opportunity cost = next best alternative foregone ✅
Quick Trick: Remember opportunity cost is about forgone alternatives, not total or explicit costs.
Common Mistakes:
MISTAKES- Confusing opportunity cost with explicit monetary cost or profit.
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