Which of the following statements about opportunity costs is TRUE?I. The opportunity cost of a given action is equal to the value foregone of all feasible alternative actions.II. Opportunity costs only measure direct out-of-pocket expenditures.III. To calculate accurately the opportunity cost of an action, we need to first identify the next best alternative to that action.a) III onlyb) I and III onlyc) II onlyd) None of the statements is true.