Answer to Question #164798 in Economics for James

Question #164798

What is opportunity cost


1
Expert's answer
2021-02-18T15:36:12-0500

Tne opportunity cost is the potential benefits (or profit) lost when one alternative is selected over another. For example, let the farmer chooses to plant the corn. Then, the opportunity cost is planting a different crop, or an alternate use of the resources such as land and farm equipment.


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