Answered

What does "Opportunity Cost" mean?

A. The next best choice one could have taken but had to give up due to scarce resources.
B. What it cost the person to do.
C. The monetary value of the decision.
D. Investment for monetary gain.



Answer :

GinnyAnswer

Final answer:

Opportunity cost is the value of the next best alternative forgone in a decision, showcasing the concept of trade-offs and decision-making.


Explanation:

Opportunity cost is the value of the next best alternative forgone when making a decision. It represents the concept that as individuals, when we choose one option, we give up the potential benefits of the next best alternative. For example, if you choose to buy a new phone, the opportunity cost would be the vacation you could have taken with that money.


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