The opportunity cost of something is the nominal price paid for the product.

Name: The opportunity cost of something is the nominal price paid for the product.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The opportunity cost of something is not necessarily the same as the nominal price paid for the product. It refers to the value of the next best alternative that must be given up in order to pursue a certain action or decision, which may or may not involve actual monetary transactions.

The Opportunity Cost of Something Is the Nominal Price Paid