Question

Choose the correct definition of opportunity cost.

the value of what you have to give up in order to choose something else
to trade goods and services without using money
a process in which something is chosen at random
a saying that means that the first things to arrive or appear will be the first things to be taken care of

Answer 1

The correct definition is: "the value of what you have to give up in order to choose something else."

(Also commonly phrased as the value of the next-best alternative forgone.)