Opportunity cost is when faced with several options: the loss experienced from an option not chosen
What is meant by opportunity cost?
This is the term that is used to refer to the forgone benefit. The opportunity cost of an item is the benefit that they would have gotten from the item which they would now have to lose because they chose to go with an alternative option.
Hence we can conclude that the Opportunity cost is when faced with several options: the loss experienced from an option not chosen
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