The opportunity cost of a decision is: (a) The total cost of the chosen option. (b) The benefit of the next best alternative forgone. (c) The price paid for a good or service. (d) The money saved by choosing a cheaper option.???>>?
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Opportunity cost refers to the benefits that a person, investor, or business misses out on when choosing one alternative over another. It is essentially the value of the next best alternative that is forgone. Show more…
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