Question

How can knowing the opportunity cost of buying a product affect people's economic decisions?

Answer 1

Answer: Option (C)

Explanation:When an option is chosen from alternatives, the opportunity cost is the cost incurred by not enjoying the benefit associated with the best alternative choice. opportunity cost is the return of a forgone option less than the return on your chosen option. It should’ve noted that opportunity cost can guide an individual to more profitable decision making. It involves assessing the relative risk of each option in addition to its potential returns. Every time you make a choice , you’re weighing the opportunity cost of that action. Opportunity cost includes all real cost of making one choice over another choice , including loss of time , energy, and a derived pleasure.