The costs of pursuing one alternative in terms of the forgone revenues of pursuing another alternative are known as

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The costs of pursuing one alternative in terms of the forgone revenues of pursuing another alternative are called opportunity costs. It is the cost of giving up the next best alternative. Therefore, to make the best choice, we need to consider the opportunity costs of each alternative and choose the one that provides the highest overall value.

The Costs of Pursuing One Alternative in Terms of the Forgone