Keyword Analysis & Research: opportunity cost ������

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Frequently Asked Questions

Why is opportunity cost called a 'cost'?

The Opportunity Cost is referred to the probable returns from the use of resources that are considered as a second-best option . This is the reason why it is also known as Alternative Cost. When a person has to give up a little in order to buy something else is called Opportunity Cost.

How do you determine opportunity costs?

One formula to calculate opportunity costs could be the ratio of what you are sacrificing to what you are gaining. If we think about opportunity costs like this, then the formula is very straight forward.

What best describes an opportunity cost?

Opportunity cost is the cost incurred (sacrifice) by choosing one option over the next best alternative (which may be equally desired). Thus, opportunity cost is the cost of pursuing one choice instead of another.

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