Question

The _______ _____of a business decision involves giving up the next best alternative to the choice that is made.

Answer 1

The opportunity cost is the correct answer

Step-by-step explanation:

I just used this answer and it was correct

Answer 2

The opportunity cost is the value of the next best alternative foregone. Every decision necessarily means giving up other options, which all have a value. The opportunity cost is the value one could have derived from using the same resources another way, though this is not always easily quantifiable.