The value of an input in its next best use is the:

Name: The value of an input in its next best use is the:
Brand: Quizplus
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Question

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Opportunity cost is the value of the next best alternative that must be forgone in order to pursue a certain action. In other words, it is the cost of not choosing the next best alternative. It is important to consider opportunity cost when making decisions about resource allocation in order to effectively use scarce resources.

The Value of an Input in Its Next Best Use