An opportunity cost is the benefit foregone when one alternative is chosen over the next best alternative.

Name: An opportunity cost is the benefit foregone when one alternative is chosen over the next best alternative.
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Opportunity cost refers to the benefit that is missed or given up when an individual, investor, or business chooses one alternative over another. It represents the potential gains from the next best alternative that is not selected.

An Opportunity Cost Is the Benefit Foregone When One Alternative