The cost associated with foregoing the opportunity to employ a resource in its best alternative use is called

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The cost associated with foregoing the opportunity to employ a resource in its best alternative use is called opportunity cost. This is the cost of the forgone alternative and represents the value of the next best alternative that is being sacrificed. Choices A, B, and D are not relevant to the concept of opportunity cost.

The Cost Associated with Foregoing the Opportunity to Employ a Resource