Question

the opportunity cost of a choice is the
a value of the next best alternative not chosen.
b benefit associated with making that choice.
c consequence associated with failure.

Explanation:

Opportunity cost is a core concept focused on trade-offs in decision-making. It specifically refers to the value of the highest-valued alternative that is forgone when a choice is made. Option B describes the benefit of the chosen option, not the cost of the forgone alternative. Option C refers to a negative outcome of failure, which is unrelated to the definition of opportunity cost.

Answer:

A. value of the next best alternative not chosen.