In economics, what does the term 'opportunity cost' refer to?

Question

Economics · Economics

Verified Solution4 OptionsUpdated: October 2026👁️1 View

Share:

Correct answer

The value of the next best alternative forgone.

Save this question and verified answer as a clean study sheet with live clickable link.

👥

Challenge your peer aspirants on WhatsApp or Telegram to solve this question!

Online Test Series

Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.

Chapter Practice

Want more practice questions on Economics?

Solve complete topic-wise tests with detailed solutions on GkGet.

Recommended practice questions in Economics · Economics

The arrival of which commission in India triggered widespread protests, including mass hartals across the country in 1928?

Which of the following leaders was instrumental in initiating and leading India’s struggle for independence?

Which of the following viceroys of India is associated with the 'Ilbert Bill' controversy?

Answer 1

The monetary cost of a decision.

Answer 2

The value of the next best alternative forgone.

Answer 3

The cost of production.

Answer 4

The cost of raw materials.

Related Practice Questions