Opportunity cost is to economic profit as lost wages are to which of the following?

Opportunity cost refers to what you give up when you choose one option over another. In the context of economic profit, it includes not just the actual money earned but also the potential income you could have made if you chose a different path. Similarly, lost wages represent the money you forgo when you decide to take a different job or pursue an opportunity that does not pay immediately. For example, if you decide to go back to school instead of working, your lost wages are the income you would have earned during that time. Therefore, lost wages are to the choice of education as opportunity cost is to the decision-making process in calculating economic profit.