When an individual is unable to alter or undo a past decision he/she incurs an opportunity cost.

Name: When an individual is unable to alter or undo a past decision he/she incurs an opportunity cost.
Brand: Quizplus
Rating: 5.0 (34 reviews)

Question

Quizplus · Accepted Answer

Opportunity cost refers to the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. It's not about being unable to alter or undo a past decision, but rather about the cost of what is foregone by choosing one option over another.

When an Individual Is Unable to Alter or Undo a Past