What does opportunity cost refer to?

موقع کی لاگت سے کیا مراد ہے؟

The cost of purchasing an item

Giving up the opportunity to choose the next best alternative

The amount of money spent on a product

The cost of producing a good or service

Opportunity cost is the value of the next best alternative that is forgone when a decision is made.

It reflects the trade-off between choices and helps in evaluating the benefits of alternatives.