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  • Economic Decisions and Systems Online Test
  • The value of the next best alternative that you did not c...
Multiple choice

The value of the next best alternative that you did not choose

  1. opportunity cost

  2. other option

  3. optional income

  4. revenue

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Opportunity cost is the value of the next best alternative that is foregone when a choice is made between mutually exclusive options.

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