Q. 5

What do you mean by opportunity cost?

Answer :

Opportunity cost refers to the next best alternative that one loses. For example, if my mother gives me three options for dinner between pizza, pasta and burger and I like burger, pasta and pizza in that order then if I tell my mother I want to have burgers for dinner my opportunity cost is pasta in this case. So, to sum up it is the cost that one bears for choosing an alternative.

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