Question

introduction of opportunity cost in an economic tool​

Answer 1

Answer:

The value of the next best alternative which is available in the market is termed in as opportunity cost. It means choosing or making a decision from different options. ... When we talk about “opportunity cost”, we must take scarcity, needs and wants also into consideration.

Answer 2

Answer:

The value of the next best alternative which is available in the market is termed in as opportunity cost. It means choosing or making a decision from different options. ... When we talk about “opportunity cost”, we must take scarcity, needs and wants also into consideration.