Economics · Basic Economic Concepts
In economics, what does 'opportunity cost' refer to?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The direct tax collected by the government
- 2The discount offered on bulk purchases
- 3The total monetary expenses incurred
- 4The value of the next best alternative forgone✓
Correct answer
The value of the next best alternative forgone
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