Jnit 1 Quiz Fall 2023 What is the opportunity cost of a decision? all the different ways a person might have made the decisio the most desirable alternative given up for the decision the best possible way the question could have been decide a series of alternative decisions that could have been made

Question

Jnit 1 Quiz Fall 2023 What is the opportunity cost of a decision? all the different ways a person might have made the decisio the most desirable alternative given up for the decision the best possible way the question could have been decide a series of alternative decisions that could have been made

Answer 1

## Step 1The opportunity cost of a decision is a concept in economics that refers to the value of the next best alternative that is given up when a decision is made. This means that when you make a decision, you are giving up the opportunity to make another decision that could have been the next best alternative.## Step 2In this case, the opportunity cost is not about all the different ways a person might have made the decision, nor is it about the best possible way the question could have been decided, or a series of alternative decisions that could have been made.## Step 3The opportunity cost is specifically about the most desirable alternative that is given up for the decision. This is the value of the next best alternative that is not chosen.

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Jnit 1 Quiz Fall 2023 What is the opportunity cost of a decision? all the different ways a person might have made the decisio the most desirable alternative given up for the decision the best possible way the question could have been decide a series of alternative decisions that could have been made

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