ayoobaby200
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  • 22-03-2021
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How do you explain Opportunity Cost?

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sadieeversole07
sadieeversole07 sadieeversole07
  • 22-03-2021

Answer:

In microeconomic theory, opportunity cost is the loss or the benefit that could have been enjoyed if the best alternative choice was chosen. As a representation of the relationship between scarcity and choice, the objective of opportunity cost is to ensure efficient use of scarce resources.

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