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Opportunity cost definition?
The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.
What is the opportunity cost of devoting scarce university land to car parking?
Since opportunity cost is defined as the cost of any activity measured in terms of the best alternative activity which is forgone, in this case, the opportunity cost can be a field for students to play around or a land where a library can be built. Another example, would be the opportunity cost of coming to school. This answer will be the time enjoyed going to the cinema or time spent with your partner. Hence, the opportunity cost of coming to school will be the cost of not going to cinema and spending time with your partner. Opportunity cost is defined, as the answer above says, as the difference between a course of action and another course of action. What the above answer misses is that opportunity cost is usually measured as the difference between the chosen action and the BEST alternative, not any other alternative. For instance, if you're choosing between 5 stocks, chose stock 1 and all 5 stocks go up, but stock 3 rises the most, you measure your opportunity cost against ONLY stock 3. So the opportunity cost in this case would be the BEST alternative. Unfortunately, there is no numerical way to measure the utility a university would get from various non-economic buildings like a library or cinema, so it would have to be up to the school board.
What statement describes one of the opportunity costs of attending college?
The money spent on tuition could've been invested in stocks or bonds.
Meaning of opportunity cost?
The concept of opportunity cost is based on the notion that for every action you take or decision you make, you are losing the benefits of other options. Opportunity cost is that benefit of an opportunity that you lose by choosing some other opportunity.
Is cost benefit analysis is another way to say supply and demand?
FALSE
What expression is another way of saying marginal cost?
additional cost
Opportunity cost definition?
The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.
What is another way of saying aggressive?
Another way of saying aggressive is vicious.
Another way of saying a dripping faucet?
"Another way of saying a dripping faucet?"
What is another way of saying at this time?
Another way of saying 'at this time' is 'now' or 'right now'.
What is another way of saying in this play?
Another way of saying " in this play " is " in that play" or " inside the play"
What is another way of saying in many cases?
Another way of saying "in many cases" is "according to tradition". Another way of saying "in many cases" could also be "as a rule"..
What is another way of saying excited?
Another way is "Enthusiastic"! Another way/word of saying it! aroused, stimulated, inflamed, agitated, eager,
What is another way of saying will be?
will be
What is another way of saying which is why?
which is why
What is another way of saying myself?
One alternative way of saying "myself" is "me."
What is another way of saying on the way?
i am going
