Question

what is the impact of opportunity cost on decision makers​

Answer 1

Answer:

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In business, opportunity costs play a major role in decision-making. If you decide to purchase a new piece of equipment, your opportunity cost is the money spent elsewhere. Companies must take both explicit and implicit costs into account when making rational business decisions.

Answer 2

Answer:

Opportunity costs apply to many aspects of life decisions. Often, money becomes the root cause of decision-making. If you decide to spend money on a vacation and you delay your home's remodel, then your opportunity cost is the benefit living in a renovated home.