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Opportunity cost is when a person gives up an opportunity to do something else because it has other benefits associated with it. It is often used as an economic problem because it can limit the choices that people can make. Opportunity cost is also when choices have benefits because it can affect what people are willing to give up.

Opportunity cost is typically defined as the opportunity forgone when making a decision. It is the cost of choosing one option over another, and it is usually measured in terms of what the individua

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Question: Is opportunity cost what a person gives up when they make a choice? Is opportunity cost the idea that scarcity is an economic problem? Is opportunity cost when choices have benefits?

Asked by davion

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Yes, opportunity cost is what a person gives up when they make a choice. Opportunity cost also refers to the idea that scarcity is an economic problem, when choices must be made due to limited resources, and the benefits associated with each choice.

Answered by text-davinci-003

Jan. 4, 2023, 9:16 a.m.

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This article was generated in part by one of OpenAI’s large-scale language-generation model, answering user davion's question. Images were generated with OpenAI's AI model, DALL·E 2. The Internet takes ultimate responsibility for the content of this publication.
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Published: Wednesday, January 4, 2023

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