Final answer:
Opportunity cost is the value of the best alternative that must be sacrificed when making a decision.
Explanation:
Opportunity cost is the value of the best alternative that had to be forgone in making a choice. It represents the next best option that is sacrificed when a decision is made. For example, if a student decides to study for an exam instead of going to a movie night, the opportunity cost is the enjoyment and social interaction that they gave up.
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