Suppose an individual with same working condition got three alternative job in his hand he has selected the best and need to forgone the next best alternative. Identify the indicated cost in the aforesaid statement.

Opportunity cost.

The correct answer is Option (4) → Opportunity cost.

Opportunity cost refers to the value of the next best alternative foregone when a choice is made.

In this case:

• The individual had three job offers under similar working conditions.

• By choosing the best job, they give up the next best alternative that could have been taken.

• The income or benefit from that foregone job represents the opportunity cost of the chosen job.