1. Explain the concept of opportunity cost with an appropriate example.

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Frazman · Answer 1 · 2022-01-05T20:26:58+0000

Answer:

Concept & example of Opportunity Cost

Step-by-step explanation:

Opportunity Cost is the cost of next best alternative foregone, while choosing an alternative. This arises because of 'choice' problem, due to unlimited wants & limited resources - having alternative uses.

Eg : If I can have 2 chapatis or a bowl of rice. And, I eat a bowl of rice. Then, 'opportunity cost' of a rice bowl is - the next best available '2 chapattis' foregone for the former.

1. Explain the concept of opportunity cost with an appropriate example.

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