Answered

An opportunity cost is known as:

A. the basic economic problem
B. the value of the next best alternative
C. a choice between two or more alternatives
D. the study of choices made under the conditions of scarcity



Answer :

GinnyAnswer

Final answer:

Opportunity cost is the value of the next best alternative in decision-making due to scarcity.


Explanation:

Opportunity Cost is a fundamental concept in economics that refers to the value of the next best alternative foregone when making a choice. It arises due to scarcity, where selecting one option necessitates giving up another. For example, if a country decides to invest in healthcare, the opportunity cost could be the resources not allocated to education.


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