1 answer

How would you define the term opportunity cost? Provide an example of opportunity cost decision that...

Question:

how would you define the term opportunity cost? Provide an example of opportunity cost decision that you have had to make?  


Answers

Opportunity cost :-

Opportunity cost is the economic benefit foregone due to selecting an alternative.

Example :-

A fresh graduate can join a from for $100,000 per year with additional allowances or $120,000 with no allowances. He selected the first option. The opportunity cost from him is $120,000

.

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