Question

What best describes an opportunity cost

Answer 1

Opportunity cost: The loss of a potential gain from other alternatives when ones alternate is chosen! 

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Answer 2

Opportunity cost is the benefit that was forfeited because a specific alternative wasn't chosen.

To accurately calculate opportunity costs, it is vital to balance the benefits and drawbacks of each option.

How important is an opportunity cost in economics?

Out of all the options accessible, we can choose the best one thanks to the concept of opportunity cost.

Maximizing economic gains helps us to utilize all available resources as effectively as possible.

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