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Examveda

The cost on one thing in terms of the alternative given up is known as

A. Production cost

B. Physical cost

C. Real cost

D. Opportunity cost

Answer: Option D

Solution(By Examveda Team)

The cost on one thing in terms of the alternative given up is known as Opportunity cost. Opportunity cost is an economics term that refers to the value of what you have to give up in order to choose something else.

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Related Questions on Economics

Which among the following statement is INCORRECT?

A. On a linear demand curve, all the five forms of elasticity can be depicted

B. If two demand curves are linear and intersecting each other, then, coefficient of elasticity would be same on different demand curves at the point of intersection.

C. If two demand curves are linear and parallel to each other, then, at a particular price, the coefficient of elasticity would be different on different demand curves.

D. The price elasticity of demand is expressed in terms of relaive not absolute changes in Price and Quantity demanded.