Answer:
value of the best alternative given up
Explanation:
Opportunity cost is the benefits forfeited for deciding against a certain option. Opportunity cost arises due to scarcity of resources forcing people to make decisions. When making decisions, one has to choose between different alternatives. Naturally, one would go for the best out of the available options.
The other alternatives not selected have their benefits too. The gain from the alternative ranked second is the opportunity cost.
