(Blank) is the loss of potential gain from other alternatives when one alternative is chosen.
Added by Anthony E.
Step 1
Step 1: Identify the term that describes the loss of potential gain from other alternatives when one alternative is chosen. Show more…
Show all steps
Your feedback will help us improve your experience
Rashmi Sinha and 58 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Rashmi S.
_______________ are the costs associated with not choosing the other alternative Sunk costs Opportunity costs Differential costs Avoidable costs
Sanchit J.
'The opportunity cost principle states that the true cost of something is the least desired alternative you have to give up to get it. economic surplus you receive from getting it. economic Surplus You give up to get it. next best alternative you have to give up to get it'
Shalini T.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD