Opportunity cost is best defined as
A. the amount given up when choosing one activity over all other alternatives.
B. the amount given up when choosing one activity over the next best alternative.
C. the opportunity to earn a profit that is greater than the one currently being made.
D. the amount that is given up when choosing an activity that is not as good as the next best alternative.
Answer:B
Opportunity cost is best defined as
A. the amount given up when choosing one activity over all other alternatives. B. the amount given up when choosing one activity over the next best alternative. C. the opportunity to earn a profit that is greater than the one currently being made. D. the amount that is given up when choosing an activity that is not as good as the next best alternative.