Asked by
Dominic Iaquinto
on Dec 17, 2024
Verified
Opportunity cost measures the trade-off between two goods that each producer faces.
Trade-off
A situation where making a decision to gain one thing requires sacrificing another.
Opportunity Cost
The loss of potential gain from other alternatives when one alternative is chosen over others.
- Absorb the definition and method of computing opportunity cost and its significance in selecting economic alternatives.
Verified Answer
JP
Learning Objectives
- Absorb the definition and method of computing opportunity cost and its significance in selecting economic alternatives.