Question

Opportunity cost is the least desirable alternative given up as a result of a decision.

Answer 1

This is false!

Opportunity cost is the cost of giving up the benefits of the most desirable alternative, not of the least desirable alternative. So let's say, your parents offer you money for Birthday: 100$, 50$ or 30$.

You will probably choose to receive 100$ and your opportunity cost will be 50$.