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which best describes an opportunity cost?
accepting an opportunity to do something else when making an economic decision
giving up an opportunity to do something else when making an economic decision
accepting an opportunity to accomplish something else when making an economic decision
giving up an opportunity to increase prices when making an economic decision

Alternative costs can best be described as giving up an opportunity to do something else when making an economic decision

Option B

Explanation:

Alternative cost is an economic term that refers to the value of a good / service otherwise specified. In other words, it means that one person loses the opportunity to choose an ''alternative'' to another product / service.

The formula and calculation of the opportunity cost is FO-CO (FO: return of the best alternative and CO option). This is a guide to more cost-effective decision making and must have access to the relative risk of each option relative to its ''potential return''.

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