Asked by
Giuseppe Alastra
on Oct 14, 2024
Verified
An opportunity cost is the potential benefit lost by taking a specific action when two or more alternative choices are available.
Opportunity Cost
The cost of the next best alternative foregone as a result of making a decision.
- Discern the relevance of opportunity cost in the context of decision-making.
Verified Answer
AM
Learning Objectives
- Discern the relevance of opportunity cost in the context of decision-making.