Answer:
Opportunity cost may be defined as the value of the best alternative forgone when making a decision. It is the cost of choosing one option over another and represents the benefits that could have been gained from the next best alternative. In other words, opportunity cost is what we give up in order to pursue a particular choice or action. It is a critical concept in economics and business decision-making as it helps individuals and organizations evaluate trade-offs and make informed choices.
Step-by-step explanation: