when choosing over the next best alternative due to trade offs faced, what is given up is called the

b. opportunity cost

Explanation:

The opportunity cost is a term for a process when one thing is chosen and the other alternatives are lost as a cost. This is one of the key concepts in economics, as it explains the gain, costs, benefits, and choices. It doesn't only have to refer to the money cost, but to any loss, that is made during the process of choosing between the alternatives.

The profit and benefits of other choices are lost by making a decision to chose one thing, and benefiting it from it alone.