Question

What is meant by Opportunity Cost?

Answer 1

Explanation:

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the loss of other alternatives when one alternative is chosen.

Answer 2

When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else.