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Opportunity cost is the
- a)Next best alternative sacrificed
- b)Next best alternative chosen
- c)Next best alternative available
- d)Next best alternative produced
Correct answer is option 'A'. Can you explain this answer?
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Opportunity cost is thea)Next best alternative sacrificedb)Next best a...
“Opportunity cost” of a resource, means the value of the next-highest-valued alternative use of that resource.
E.g. you spend time and money going to a movie, you cannot spend that time at home playing video games, and you cannot spend the money on something else. If your next-best alternative to seeing the movie is playing video games at home, then the opportunity cost of seeing the movie is the money spent plus the pleasure you forgo by not playing videos game at home.
E.g. you spend time and money going to a movie, you cannot spend that time at home playing video games, and you cannot spend the money on something else. If your next-best alternative to seeing the movie is playing video games at home, then the opportunity cost of seeing the movie is the money spent plus the pleasure you forgo by not playing videos game at home.
Most Upvoted Answer
Opportunity cost is thea)Next best alternative sacrificedb)Next best a...
The opportunity cost of an activity is the sacrifi
ce made to do it. It is the real cost
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Opportunity cost is thea)Next best alternative sacrificedb)Next best a...
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