Question

Define opportunitie cost

Answer 1

Answer:

In microeconomic theory, opportunity cost is the loss or the benefit that could have been enjoyed if the best alternative choice was chosen. As a representation of the relationship between scarcity and choice, the objective of opportunity cost is to ensure efficient use of scarce resources.

Answer 2

Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. The idea of opportunity costs is a major concept in economics. Because by definition they are unseen, opportunity costs can be easily overlooked if one is not careful.

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