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प्रश्न
Define opportunity cost of production.
व्याख्या
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उत्तर
The opportunity cost of producing a good is the amount of the next best good that is given up to produce this good. For example, if a given amount of resources can produce cloth as well as bread but the factor service is used for the production of cloth, the opportunity cost of producing a unit of cloth is the loaves of bread that need to be sacrificed to produce a unit of cloth.
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