what is opportunity cost essentially measuring?\n1 the monetary cost of a production input used.\n2 the…

what is opportunity cost essentially measuring?\n1 the monetary cost of a production input used.\n2 the benefit gained from choosing an option path.\n3 the highest possible profit from a sale deal.\n4 value of the next best alternative given up.

what is opportunity cost essentially measuring?\n1 the monetary cost of a production input used.\n2 the benefit gained from choosing an option path.\n3 the highest possible profit from a sale deal.\n4 value of the next best alternative given up.

Answer

Brief Explanations:

Opportunity cost is the value of the next - best alternative forgone when a decision is made. It represents what is sacrificed in order to pursue a particular action.

Answer:

  1. Value of the next best alternative given up.