Search results
We did not find results for: What is the opportunity cost of a choice?.
Check spelling or type a new query.
We did not find results for: What is the opportunity cost of a choice?.
Check spelling or type a new query.
When presented with multiple opportunities, the cost of making a certain choice in comparison to its alternatives
In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would have been had by taking the second best available choice. Wikipedia