Opportunity cost is:Multiple choice question.the financial cost of purchasing a good or a service.the expected value of buying a good or a service.the value of the opportunity that you give up when you choose one activity instead of another.the marginal benefit minus the marginal cost.

Which of the following best defines the concept of opportunity cost in economics?  A. The monetary value of a resource or product in the market.  B. The total cost of producing a good or service, including both explicit and implicit costs.  C. The benefit or value that could have been gained from the next best alternative when making a choice.  D. The total value of all goods and services produced within a country in a given time period.

Opportunity cost refers to

An opportunity cost:Multiple ChoiceRequires a future outlay of cash.Is the potential benefit lost by taking a specific action instead of alternative actions.Is irrelevant in decision making because it occurred in the past.Results from past managerial decisions.Is an unavoidable cost because it remains the same regardless of the alternative chosen.

From the perspective of the seller, opportunity costs refer to what a seller gives up in time and money in pursuing a particular sale.Group of answer choicestruefalse

An opportunity cost is*1 pointA cost common to all alternatives in question and not clearly or practically allocable to any of the alternativesThe profit foregone by selecting one alternative instead of anotherA cost that may be shifted to the future with little or no effect on current operationsThe difference in total costs that results from selecting one alternative instead of another