one definition of opportunity cost is the value of the next best alternative
Added by Kenneth T.
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It is the value of the next best alternative that is foregone. Show more…
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Rashmi S.
Opportunity cost is the price that a firm must pay to a factor to prevent it from moving to the next best alternative use of the factor
'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.
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