Answer:
D. The amount of one product that must be given up to produce one more unit of another product.
Explanation:
Opportunity cost is defined as the potential benefits that you would recieve if you choose one option over another. This is an economic term that can easily be applied in our day to day lives: Ex. When you choose to study over work, the opportunity cost is represented by the money you could earn as payment for your work.
In business, companies must decide whether they produce a wide range of products or services or if they focus their resources in producing those products in which they are more efficient and would represent higher earnings.
The opportunity cost is defined as the amount of one product that must be given up to produce one more unit of another product.
The opportunity cost is defined as the cost of the next best alternatives, which means the amount of one product must be given up to produce one more unit of another product,
Giving up one opportunity and taking another is done to get more benefits among the other alternative.
Example:
Roman is a manufacturer of garments, here he has two choices, either to manufacture jeans with a cost of 150 per jeans or to manufacture trousers with the cost of 140 per trousers.
Here, the difference between the cost of jeans and trousers is the opportunity cost for him.
Therefore, Option D is correct.
Learn more about opportunity cost, refer to:
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