The opportunity cost of doing or getting something is best and fully defined as:

A. The difference between the marginal cost and benefit of doing something
B. The materials used in doing or getting something
C. The value of the best alternative that is given up in order to do or get something
D. The money spent in doing or getting something

Answer: C

Economics

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Firms maintain their completive edge by

a. Providing a good at lower costs than their rivals b. Providing a superior product at the same cost as your rival c. Being innovative d. All the above

Economics

Any firm's total revenue equals

A) MR × q. B) P × q. C) P/q. D) MR/q.

Economics