Question

select the correct answer.
what represents the value of the second - best alternative that a person gives up when making a choice?
○ a. marginal spending
○ b. marginal benefit
○ c. opportunity cost
○ d. marginal cost

Explanation:

Opportunity cost is defined as the value of the next - best alternative that is forgone when a choice is made. Marginal spending refers to additional spending, marginal benefit is the additional benefit from a decision, and marginal cost is the additional cost. Only opportunity cost matches the description of the value of the second - best alternative given up.

Answer:

C. opportunity cost