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Question
Opportunity cost of a good is ______.
Options
anticipated cost
real cost
next best alternative good that could be produced with given resources
accounting cost
MCQ
Fill in the Blanks
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Solution
Opportunity cost of a good is next best alternative good that could be produced with given resources.
Explanation:
The value of the next best option that is given up when making a decision is known as the opportunity cost. It stands for the advantages you would have gained from choosing a different course of action.
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