Opportunity cost is a theoretical concept with no practical application.

Name: Opportunity cost is a theoretical concept with no practical application.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Opportunity cost is a fundamental economic concept used to understand the trade-offs involved in decision making. It refers to the value of the next best alternative given up in order to pursue a certain action. It is used by individuals, businesses, and governments to make informed choices based on the costs and benefits of different options.

Opportunity Cost Is a Theoretical Concept with No Practical Application