OPPORTUNITY COST Value of the loss incurred on account of th | UPSC Economy
OPPORTUNITY COST
Value of the loss incurred on account of the next best alternative/choice forgone, in availing the best alternative available rather than the next best, is known as the opportunity cost of the chosen alternative.
In simple words, it refers to the value one decides to give up in availing any opportunity.
Or in other words, what have you lost while opting for an option is the opportunity cost of your choice.
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