What is the other name for opportunity cost in economicsa)Total Costb)Marginal costc)Economic costd)Economic problemCorrect answer is option 'C'. Can you explain this answer?

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Opportunity cost is defined as next best alternative forgone...... it is also called as economic cost

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Economics cost

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Economic cost.

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Opportunity cost is the next best alternative forgone

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Economic cost

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Opportunity cost is the next best alternative foregone.it is also called economic cost.

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Economic cost ...as it is related to money ..

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No. c

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Ccc

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C

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Opportunity cost is an important concept in economics that refers to the value of the next best alternative forgone when making a decision. It represents the benefits or opportunities that are lost or sacrificed in order to choose one option over another. In other words, it is the cost of choosing one option over the next best alternative.

Opportunity cost is also known as economic cost in economics. This name is used because it represents the cost of making a decision in terms of the economic benefits that are lost. It is a fundamental concept in economics that helps in assessing the trade-offs involved in decision-making.

Here are the reasons why opportunity cost is also called economic cost:

1. Economic Perspective: Opportunity cost is concerned with the economic perspective of decision-making. It takes into account the economic benefits and costs associated with different choices. By considering the value of the next best alternative, it helps in evaluating the economic consequences of a decision.

2. Foregone Benefits: Opportunity cost reflects the foregone benefits of choosing one option over another. It recognizes that resources are limited and that choosing one option means forgoing the benefits of the other options. This concept is central to understanding the economic implications of decision-making.

3. Trade-offs: Opportunity cost involves trade-offs between different options. It recognizes that when resources are allocated to one use, they cannot be used for another use. By assessing the opportunity cost, individuals and firms can make more informed decisions by weighing the benefits and costs of different choices.

4. Decision-Making: The concept of opportunity cost is closely tied to decision-making. It helps individuals and firms make rational choices by considering the alternatives and the associated opportunity costs. By understanding the economic cost of different options, decision-makers can make more efficient and effective decisions.

In conclusion, opportunity cost is also known as economic cost in economics. It represents the value of the next best alternative forgone when making a decision. By considering the economic benefits and costs of different choices, opportunity cost helps in evaluating trade-offs and making informed decisions.

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