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Write short notes on opportunity cost

Write short notes on opportunity cost.

Answers

Wilfred
The opportunity cost of an action is the value of the benefit expected from the next best foregone
alternative. It is a derivative concept which arises due to the scarcity of resources (for production) or
goods and services (for consumption) which necessitates the making of choice between competing
alternative uses – where more of a commodity is produced or consumed by reducing the production
or consumption of another.
Wilfykil answered the question on February 4, 2019 at 09:03

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