Question

What is opportunity cost?

the limited availability of goods or services
a benefit lost when choosing between two options
the resources used to produce finished goods or services
a system of directly exchanging goods or services for other goods or services

Answer 1

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When an option is chosen from alternatives, the opportunity cost is the "cost" incurred by not enjoying the benefit associated with the best alternative choice. The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen."

Answer 2

Answer:

the loss of other alternatives when one alternative is chosen.the limited availability of goods or services a benefit lost when choosing between two options the resources used to produce finished goods or services a system of directly exchanging goods or services for other goods or services