Marginal cost is to decision-making as opportunity cost is to what?

Marginal cost is the extra cost of producing one more unit of a good or service, which helps businesses decide if it’s worth making that extra unit. Similarly, opportunity cost refers to the value of what you give up when you choose one option over another. This is important in decision-making because it reminds us that every choice has a cost, not just in money but also in time and resources. For example, if you spend your time studying for a test instead of going out with friends, the opportunity cost is the fun you miss with your friends. Understanding both marginal and opportunity costs helps us make better choices by considering not just the immediate costs, but also what we might lose by not choosing another option.