Yes, the given statement is True.
Opportunity cost is the cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
Explanation:
If there are two alternates or choices for something, and out of which, one is chosen, then the loss of other alternative is called as the opportunity cost.
When doing business, evaluating the alternatives and choosing the best among them will cost you the least opportunity cost and will help the business to stay on track. Decisions about opportunity costs are very important in businesses as well as in people's lives.
For example, if you have two choice to spend your time. One is to go on a movie with friends, and the other is to sit at home and read a book of your own choice. If suppose, you choose to stay at home, reading book, then you spend your time reading book on the cost of movie night.
Learn more about opportunity cost at:
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