SSC
GENERAL ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Time does not relate to the concept of opportunity cost.
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -The given statement is true. Opportunity cost is defined as the next best alternative, which is forgone. It implies that this cost is the potential benefit that an individual or a firm might have gained or missed out from choosing the next best alternative.
Detailed explanation-2: -In economics, opportunity cost represents the potential gain that is lost when choosing one investment choice over another. In short, it’s a value of the road not taken.
There is 1 question to complete.