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Explain the meaning of opportunity cost with an example |
Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :“opportunity cost” of a resource, means the value of the next-highest-valued alternative use of that resource. If, for example, you <a href="https://interviewquestions.tuteehub.com/tag/spend-1222050" style="font-weight:bold;" target="_blank" title="Click to know more about SPEND">SPEND</a> time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something <a href="https://interviewquestions.tuteehub.com/tag/else-printfhye-969701" style="font-weight:bold;" target="_blank" title="Click to know more about ELSE">ELSE</a>.</body></html> | |