Opportunity cost is

the cost incurred in the past before we make a decision about what to do in the future.

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the additional benefit of buying an additional unit of a product.

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a cost that cannot be avoided, regardless of what is done in the future.

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that which we forgo, or give up, when we make a choice or a decision.

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Solution

The correct option is D that which we forgo, or give up, when we make a choice or a decision.
Option: (d)

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Similar questions

Which of the following statements about opportunity cost is TRUE?

I. Opportunity cost is equal to implicit costs plus explicit costs.
II. Opportunity cost only measures direct monetary costs.
III. Opportunity cost accounts for alternative uses of resources such as time and money.

Opportunity cost is an avoidable cost.

Q. Opportunity cost is _________.

Q. An opportunity cost is ___________.

Opportunity costs are ___

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Opportunity cost is

The correct option is D that which we forgo, or give up, when we make a choice or a decision. Option: (d)

The correct option is D that which we forgo, or give up, when we make a choice or a decision.
Option: (d)