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What is opportunity cost and differentiate …

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What is opportunity cost and differentiate between total opportunity cost and marginal opportunity cost

Posted by Mahak Mishra 5 years, 3 months ago

CBSE > Class 11 > Economics

1 answers

Ashita Kashyap 5 years, 3 months ago

Opportunity cost is the value of the next best thing you give up(foregone)whenever you make a decision. Ex- You get 2 job offers one for Rs.50,0000 which is far from your house and another for Rs. 30,000 which is near your house,you would probably choose the second job keeping the factors of transport and other things in mind.

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