Created: 1 year ago | Updated: 8 months ago | Created By:
Maliha Mou
Maliha Mou
the next best alternative output
Topic: India
The concept of opportunity cost is based on scar-city and choice. The opportunity cost of a commodity is the next best alternative commodity sacrificed. In other words opportunity cost of a commodity is forgoing the opportunity to produce alternative goods and services. If one commodity is produced another commodity is sacrificed.

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