Opportunity cost of an activity

Name: Opportunity cost of an activity
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Opportunity cost refers to the cost of the next best alternative foregone. This may include both monetary costs (such as the cost of resources used in the chosen activity) and foregone incomes (such as the income that could have been earned if the next best alternative was chosen instead). While the opportunity cost can be estimated, it is not always known with certainty and may vary depending on individual circumstances.

Opportunity Cost of an Activity