The benefit foregone by not choosing an alternative course of action is referred to as a(n):

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The benefit foregone by not choosing an alternative course of action is referred to as opportunity cost. This is the cost of the next-best alternative that must be forgone in order to pursue a certain action. Understanding opportunity cost is crucial for decision-making and resource allocation in both personal and business contexts.

The Benefit Foregone by Not Choosing an Alternative Course of Action