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What is the other name for opportunity cost in economics
  • a)
       Total Cost
  • b)
       Economic cost
  • c)
      Marginal cost
  • d)
      Economic problem
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
What is the other name for opportunity cost in economicsa) Total Costb...
Opportunity Cost is also known as Economic Opportunity Loss and it is the highest value alternative forgone. Moreover, Real cost is the fixed cost, which you have paid and therefore, opportunity cost is not a real cost.
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What is the other name for opportunity cost in economicsa) Total Costb) Economic costc) Marginal costd) Economic problemCorrect answer is option 'B'. Can you explain this answer?
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