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Opportunity cost is the value of the next best alternative sacrificed when making a choice, influencing decision-making and reflecting tradeoffs.
Opportunity cost is the value of the next best alternative that must be sacrificed when making a choice. It represents what one gives up to obtain something desired, reflecting tradeoffs individuals face in decision-making. For example, if Alphonso chooses a burger, the opportunity cost would be the four bus tickets he would have to forgo.
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