Question

Important of opportunity cost to individual

Answer 1

Answer:

Opportunity cost like other basic concepts of Economics – scarcity, scale of preference and choice is important to an individual who represents the consumer or household, or firm or productive unit and the government that form the three decision making bodies in an economy.

Answer 2

Answer:

▶When an option is chosen from alternatives, the opportunity cost is the "Cost ".....Not recorded in the books of accounts, but they are important considerations in business decisions.✔

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