The need to make choices is most closely related to the concept of

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The concept of having to make choices is most closely related to opportunity cost, which refers to the cost of forgoing the next best alternative when making a decision. When individuals or firms make choices, they must weigh the benefits of that choice against what they are giving up by not choosing an alternative. This is the essence of opportunity cost and highlights the importance of making efficient or optimal choices. Choosing the option with the highest utility or benefit and lowest opportunity cost will result in the best outcome.

The Need to Make Choices Is Most Closely Related to the Concept