Economics · Basic Concepts

The concept of 'opportunity cost' in economics refers to:

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1The monetary cost of the most expensive alternative.
2The cost of all alternatives that are not chosen.
3The cost incurred in the past that cannot be recovered.
4The value of the next best alternative forgone when a choice is made.✓

Correct answer

The value of the next best alternative forgone when a choice is made.

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