Question

which of the following best describes opportunity costs? scarcity past expenses potential benefits

Explanation:

Opportunity cost refers to the value of the next-best alternative that is forgone when making a choice; this is the potential benefit that could have been gained from the unselected option. Scarcity is the condition that creates the need for opportunity cost, not the cost itself. Past expenses are sunk costs, unrelated to opportunity cost.

Answer:

potential benefits