Question

Distinguish between marginal opportunity cost and total opportunity cost

Answer 1

The term marginal cost refers to the opportunity cost associated with producing one more additional unit of a good. Opportunity cost is a critical concept to economics - it refers to the value of the highest value alternative opportunity.
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Answer 2

marginal opportunity cost is the ratio of loss of output1 and gain of output1 and the resources are shifted from use1 to use2.
opportunities cost is the cost in which some resources are shifted from use1 to use2.


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