Opportunity Cost Quiz

Opportunity cost is always a factor in decision-making (correct)

Opportunity cost is only considered in business decision-making

Opportunity cost has no impact on decision-making

Opportunity cost is only considered in personal decision-making

The benefit of an opportunity

The cost of an opportunity

The value of an opportunity

The next best alternative given up (correct)

Spending money on a vacation instead of saving it for retirement (correct)

Spending money on a vacation and then losing money later

Spending money on a vacation and also saving for retirement

Spending money on a vacation and then earning more money later

<p>Opportunity cost</p> Signup and view all the answers

<p>The value of the next best alternative</p> Signup and view all the answers

<p>It helps in maximizing profits</p> Signup and view all the answers