Question

Write a public service announcement that explains the benefits of identifying opportunity costs when making decisions.

Answer 1

Answer:

Opportunity cost is the cost of the next-best option. It is something important to know.

Explanation:

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 the efficient use of scarce resources.

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