The correct definition of opportunity cost is:
the most desirable alternative given up as the result of a decision.
Opportunity cost reflects the value of the next best option that is foregone when making a choice.
What is an opportunity cost?
a choice between two equally desirable goods or services
the most desirable alternative given up as the result of a decision
the cost in dollars and time of any decision
any good or service we barter for another good or service
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