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Q: The value of the next best alternative that is given up to obtain a preferred item is called? 1. opportunity cost 2. trade off 3. substitution effect
A: The value of the next best alternative that is given up to obtain a preferred item is called opportunity cost.
Expert answered|selymi|Points 7212|
Question|Rated good
Asked 1/3/2012 9:06:02 AM
Updated 8/9/2014 12:27:40 PM
3 Answers/Comments
This answer has been confirmed as correct and helpful.
Edited by andrewpallarca [8/9/2014 12:27:39 PM], Confirmed by andrewpallarca [8/9/2014 12:27:40 PM]
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The value of the next best alternative that is given up to obtain a preferred item is called trade off.
Added 1/3/2012 10:45:39 AM
This answer has been flagged as incorrect.
Flagged by andrewpallarca [8/9/2014 12:27:42 PM]
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I do not understand how you are rated good for wrong answers.
Added 1/3/2012 10:46:16 AM
Opportunity cost is correct. Opportunity cost is the cost of any activity measured in terms of the value of the best alternative that is not chosen (that is foregone). It is the sacrifice related to the second best choice available to someone, or group, who has picked among several mutually exclusive choices.
Added 1/3/2012 11:00:23 AM
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