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In Social Studies / College | 2025-07-03

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

Asked by rsorianocruz

Answer (2)

The value of the second-best alternative given up when making a choice is called opportunity cost. It is a key concept in economics that helps evaluate trade-offs in decision-making. Recognizing opportunity costs can lead to better resource allocation and choices. ;

Answered by GinnyAnswer | 2025-07-03

The correct answer is opportunity cost, which refers to the value of the next best alternative that is given up when making a choice. This concept is crucial for understanding trade-offs in decision-making. By recognizing opportunity costs, individuals can make better-informed choices regarding their resources.
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Answered by Anonymous | 2025-07-04

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