The term opportunity cost refers to the Multiple Choice Value of every other good given up...

The term opportunity cost refers to the

Multiple Choice

Value of every other good given up when a good or service is obtained.
Financial costs of all the factors of production used to produce a good or service.
Amount of resources used to produce a good but not a service.
The most desired good or service given up when something is obtained

Solutions

Expert Solution

Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.

Hence the correct option is

Value of every other good given up when a good or service is obtained.

Rahul Sunny answered 1 year ago

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