ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Real cost
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Production cost
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Physical cost
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opportunity cost
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Detailed explanation-1: -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. Resources are limited but wants are unlimited, thus choices must be made.
Detailed explanation-2: -Opportunity cost is commonly defined as the next best alternative. Also, known as the alternative cost, it is the loss of gain which could have been gained if another alternative was chosen.
Detailed explanation-3: -The cost of one thing in terms of the alternative given up is called Opportunity cost. Opportunity cost is an economics term that refers to the value of what you have to give up in order to choose something else.
Detailed explanation-4: -The cost of the next best alternative foregone is termed as opportunity cost.