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Question: Explain what opportunity cost is in economics and provide a real world example
Asked by gladoroth3000
Opportunity cost is an economic concept that measures the cost of a potential opportunity when an individual, company, or government chooses to take an alternative action instead. Put another way, it is the cost of an additional benefit sacrificed when an alternative choice is made. An example of opportunity cost in the real world is when a person chooses to go to a movie instead of going to dinner. The cost of the dinner is an opportunity cost of the movie.
Answered by text-davinci-003
Jan. 11, 2023, 4:25 p.m.
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