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bearhunter [10]
3 years ago
10

How do you explain Opportunity Cost?

English
1 answer:
marysya [2.9K]3 years ago
3 0

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.

Explanation:

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