BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the time lost in finding it
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the quantity of other goods sacrificed to get another unit of that good
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the expenditure on the good
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the loss of interest in using savings
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Detailed explanation-1: -The amount of other goods that are sacrificed by an individual to get an additional unit of a particular product is the opportunity cost (b).
Detailed explanation-2: -Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. When economists use the word “cost, ” we usually mean opportunity cost.
Detailed explanation-3: -Opportunity Cost is the lost benefit, pleasure or satisfaction you sacrifice (in this case the joy of eating a hamburger) by not doing, eating or taking the next best alternative or choice.
Detailed explanation-4: -Opportunity cost is defined as the cost of the next best alternative foregone. It represents the sacrifices that people must make due to the scarcity of resources.
Detailed explanation-5: -Opportunity cost is a concept in Economics that is defined as those values or benefits that are lost by a business, business owners or organisations when they choose one option or an alternative option over another option, in the course of making business decisions.