Which element of an argument acknowledges that the opposing position has some merit?

The part of an argument that owns up to the fact that the opposition is right or has some merit is called concession.

Concessions in literature (especially argumentative essays) are indirect tools of persuasion. This is because they show that the writer is not biased or plagued with tunnel vision.

A concession is a way of saying, an opponent's argument is right under a given circumstance but fails to hold true as per the position being claimed.

in simple English, concession means to give away something or a position.

See the link below for more about Concession:

link

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