Final answer:
Opportunity cost is the value of the next best alternative that must be given up to obtain something desired, aiding consumers in making informed decisions.
Explanation:
Opportunity cost is the value of the next best alternative that must be given up to obtain something desired. It helps consumers make informed decisions by making them aware of what they are sacrificing when choosing one option over another. By considering opportunity cost, individuals can evaluate the benefits and drawbacks of different choices, allowing them to prioritize their preferences based on what they value the most.
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