Final answer:
The correct answer is C. Opportunity Cost, which signifies the value of the next best alternative that is given up when making a decision.
Step-by-step explanation:
The opportunity cost is the concept used by economists to describe what individuals, businesses, and governments must give up when making a decision. It signifies the value of the next best alternative that is foregone to obtain something else. In practical terms, if you choose a burger over four bus tickets, those bus tickets are the opportunity cost of the burger. This concept helps in understanding the implications of making one choice over another and is essential when considering rational decision-making in economics.
Given the options provided: A. Marginal Cost, B. Sunk Cost, C. Opportunity Cost, and D. Explicit Cost, the correct answer is C. Opportunity Cost. This is because it directly represents the value of the best alternative that was not chosen.