Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Introduction

Question:

Opportunity cost refers to ________________.

Options:

Loss of opportunity

Gain of opportunity

Next best alternative foregone

Next worst alternative foregone

Correct Answer:

Next best alternative foregone

Explanation:

The correct answer is Option (3) → Next best alternative foregone

Opportunity cost refers to the value of the next best alternative that you give up when you make a decision. It's the potential benefit you miss out on by choosing one option over another.