The opportunity cost of an action is: Group of answer choices A. the total time spent by all parties in carrying out the action. B. the value of the best opportunity that must be sacrificed in order to take the action. C. the monetary payment the action required. D. the cost of all alternative actions that could have been taken, added together.

Question

Business

Kingston

27 November, 15:08

The opportunity cost of an action is: Group of answer choices A. the total time spent by all parties in carrying out the action. B. the value of the best opportunity that must be sacrificed in order to take the action. C. the monetary payment the action required. D. the cost of all alternative actions that could have been taken, added together.

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Answers (1)

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Yandel Osborne · Answer 1

"B"

Explanation:

As human needs are unlimited and the resources to meet them are limited, the economist came up with a principle of managing human needs called opportunity cost.

Opportunity cost is defined as the cost of the alternative forgone or sacrificed.

Men are expected to list out his needs according to the order of priority due to limited resources to acquire them. The resources on top of the list are acquired to the extent that the available resources can cover. The cost of the un acquired items is referred to as the opportunity cost, being the cost sacrificed for the other items