What is the definition of opportunity cost?

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asked Mar 25, 2021 17.3k views

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Vadim Martynov · Answer 1 · 2021-03-27T19:48:09+0000

Answer:

Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice" In other words, opportunity cost is the cost of the next best alternative of a product or service.

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What is the definition of opportunity cost?

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