Amount of other products which must be foregone or sacrificed to obtain 1 unit of a specific good is called its______________?
Correct answer: D. Opportunity cost
- A. None
- B. Real cost
- C. Economic cost
- D. Opportunity cost
Explanation
Opportunity cost is the value of the next-best alternative that must be sacrificed to obtain a good. Here, it is measured as the amount of other products forgone for one unit of the specified good.
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