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

## Step 1<br />The 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.<br /><br />## Step 2<br />In 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.<br /><br />## Step 3<br />The 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.