Economic Awareness - Sectors of Indian Economy
What does the term 'opportunity cost' refer to in economics?
What does the term 'opportunity cost' refer to in economics?
easy Q12 of 15
Step-by-Step Solution
Step 1: Understand 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
The value of the next best alternative foregone correctly defines opportunity cost. Other options describe different economic concepts.Final Answer:
The value of the next best alternative foregone → Option CQuick Check:
Opportunity cost = value of next best alternative foregone ✅
Quick Trick: Think of opportunity cost as what you give up to get something.
Common Mistakes:
MISTAKES- Confusing opportunity cost with total cost or monetary cost only.
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