Question

An opportunity cost is best described as:

Answer 1

The Alternative Forgone

Step-by-step explanation:

The opportunity cost simply tells us what you have to give up in other to get something else. For instance, if you have $100 to get either a phone or a console. If you eventually get the console, the opportunity cost is the phone that you have forgone.

Answer 2

You can describe it in relation to a particular activity which is the loss of value or benefit that would be incurred (the cost) by engaging in that activity, relative to engaging in an alternative activity offering a higher return in value or benefit.

hope this helps..