Answer:
c. trade-offs when a decision is made
Explanation:
Opportunity cost is the value of the next best alternative. It represents the foregone benefits as a result of choosing one option over the others. The forfeited option is the trade-off with the preferred choice.
Trade-offs are a result of decision-making processes. Individuals and businesses have many needs and want, which they have to meet with limited resources. Every decision requires preferring one choice and trading-off another. Opportunity cost is the trade-off option.
