opportunity cost refers to -current interest rates -the amount paid for taxes wh

Question

opportunity cost refers to -current interest rates -the amount paid for taxes when a purchase is made -money needed for major consumer purchases -what a person gives up by making a choice opportunity cost refers to -current interest rates -the amount paid for taxes when a purchase is made -money needed for major consumer purchases -what a person gives up by making a choice opportunity cost refers to -current interest rates -the amount paid for taxes when a purchase is made -money needed for major consumer purchases -what a person gives up by making a choice

Explanation / Answer

Opportunity cost refers to

-what a person gives up by making a choice

Explanation:

Opportunity cost refers to a benefit that a person could have received, but gave up, to take another course of action. Stated differently, an opportunity cost represents an alternative given up when a decision is made.

The term opportunity cost is often used in finance and economics when trying to choose one investment, either financial or capital, over another. It is a measure of any economic choice as compared to the next best one.

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