The opportunity cost is a term which describes
A. A bargain price for a factor of production.
B. Production cost related at the optimum level of production.
C. Average variable cost.
D. The loss of the reward in the next best use of that resource.
Answer:D
The opportunity cost is a term which describes
A. A bargain price for a factor of production. B. Production cost related at the optimum level of production. C. Average variable cost. D. The loss of the reward in the next best use of that resource.