Question

Which best describes an opportunity cost?

accepting an opportunity to do something else when making an economic decision
giving up an opportunity to do something else when making an economic decision
accepting an opportunity to help accomplish something else when making an economic decision
giving up an opportunity to increase prices when making an economic decision

Answer 1

giving up an opportunity to do something else when making an economic decision

Explanation: opportunity cost is the value of the next-best alternative you forgo when choosing one option over others.