_____ is the cost of next best alernative foregine – InterviewSolution

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_____ is the cost of next best alernative foregine

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Opportunity cost is the value of the best opportunity forgone in a particular choice. It is not SIMPLY the AMOUNT SPENT on that choice. The concepts of scarcity, choice, and opportunity cost are at the heart of economics. A good is SCARCE if the choice of one alternative REQUIRES that another be given up.

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