Opportunity cost includes:

Name: Opportunity cost includes:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Opportunity cost includes both monetary and non-monetary costs. It refers to the value of the next best alternative that must be forgone in order to pursue a certain action or decision. This can include monetary costs such as the cost of production and non-monetary costs such as time, effort, and resources used. Therefore, both types of costs must be taken into account when calculating the opportunity cost of a decision.

Opportunity Cost Includes