The value of the next-best alternative that was foregone in making a decision is known as the Opportunity Cost.
What is Opportunity cost?
- It represents the cost of picking one alternative over another.
- It is the value of the payoff of the next best decision to the one you chose.
In conclusion, opportunity costs represents the value of the alternative that you would have picked if you had not chose the alternative you went with.
Find out more on opportunity cost at https://brainly.com/question/762432.
