Q53
The cost on one thing in terms of the alternative given up is known as
A.
Production cost
B.
Physical cost
C.
Real cost
D.
Opportunity cost
AnswerAnswer: Option D
Solution
Answer: Option D
Solution:
The cost on one thing in terms of the alternative given up is known as Opportunity cost. Opportunity cost is an economics term that refers to the value of what you have to give up in order to choose something else.