Another definition of opportunity cost is the value of the next best alternative.

Name: Another definition of opportunity cost is the value of the next best alternative.
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Question

Quizplus · Accepted Answer

Opportunity cost is the value of the next best alternative that is forgone when choosing a particular option. It represents the trade-off between two or more choices and the value of what is given up in order to pursue one option over another. Therefore, the definition "the value of the next best alternative" is correct.

Another Definition of Opportunity Cost Is the Value of the Next