Question

The opportunity cost of doing or getting something is best and fully defined as:

Answer 1

Since opportunity cost is the next best alternate use of the opportunity. In other words it can be defined as forgone of next best alternative opportunity due to taking first best opportunity.

The opportunity costs can be defined as the lost units of output of other goods for producing an additional unit of output of a good. The opportunity cost arises due to the presence of scarcity.

Hence it can be said that the opportunity cost of doing or getting something is best and fully defined as lost next best opportunity due to choosing best alternatives.