rheaallison1 rheaallison1

18-05-2024
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Answered

What is the definition of opportunity cost?
how much your decision will cost you financially
the feeling you have when you have trouble deciding
your next step when you decide to do something
what you give up when you decide to do something else

Answer :

GinnyAnswer GinnyAnswer

18-05-2024

Final answer:

Opportunity cost is the value of the next best alternative foregone in decision-making, demonstrating trade-offs between choices.

Explanation:

Opportunity cost is the value of the next best alternative foregone when a decision is made. It signifies what must be given up to obtain a desired item or outcome. Economists use this concept to explain that every choice involves trade-offs, where individuals have to sacrifice one option for another.

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