1} When making decisions regarding the use of resources, options NOT chosen are known as which of the following?

A} The economic allowance for the option chosen

B} The chosen option's tangible adversary

C} The opportunity cost of the option chosen

D} The chosen option's conscious rejection

Answer: The answer is C opportunity cost of the option chosen

Explanation:

Human want are numerous while the resources to satisfy them are limited in supply. Because of the scarcity of resources this informed the use of scale of preference to rank our want in their order of preference. Then arise the concept of opportunity cost, opportunity cost is the value of benefit sacrifice in favour of an alternative course of action in the sense that the acceptance of one option will automatically lead to the rejection of the second option. It is the cost of doing anything that could have been obtained if that particular decisions has not been taken. The return forgone from its use is the opportunity cost.