DIFFERENCE BETWEEN MOC AND OC?

Opportunity cost is an economic or financial concept that expresses the relationship between scarcity and choice while marginal cost is an economic or financial concept that represents the cost of producing an additional unit. 2.Marginal cost always has a monetary value while opportunity cost can have a monetary value or not. 3.Opportunity cost includes the value of lost time, output, utility, and the benefits that might have been enjoyed if the other choice is made while marginal cost does not. 4.Marginal costs are visible while opportunity costs are not. 5.Marginal cost is the cost incurred during the production of a unit or item while opportunity cost is the cost incurred during the consumer’s choice of which product to buy or use.

1. OC ( Opportunity Cost) is the cost of next best alternative foregone.

2. MOC (Marginal Opportunity Cost) is the number of units of a commodity sacrificed to gain one more unit of another commodity.