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define opportunity cost and total opportunity cost

Posted by Pallavi Mandal 5 years, 11 months ago

CBSE > Class 12 > Economics

1 answers

Sanjit Ragunathan 5 years, 11 months ago

Opportunity cost refers to a benefit that a person could have received, but gave up, to take another course of action. Stated differently, an opportunity cost represents an alternative given up when a decision is made. This cost is, therefore, most relevant for two mutually exclusive events.

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