Final answer:
Opportunity cost is the value of the next best alternative given up when making a decision, considering marginal benefit and marginal cost.
Explanation:
Opportunity cost represents the value of the second-best alternative that a person gives up when making a choice. It measures the cost by what is given up in exchange, whether it's money, time, or resources. Individuals make decisions at the margins, considering marginal benefit and marginal cost to maximize net benefits.
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