Economics · Basic Concepts of Economics
Which of the following best defines the concept of 'opportunity cost'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The initial cost of setting up a business
- 2The cost of wages paid to labor
- 3The value of the next best alternative foregone✓
- 4The total money spent on production
Correct answer
The value of the next best alternative foregone
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