Which of the following best describes the concept of “opportunity cost”? - Study24x7
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Dev kumar
09 Oct 2024 11:19 AM study24x7 study24x7

Which of the following best describes the concept of “opportunity cost”?

A

The total amount of money spent on producing a good or service

B

The cost of the next best alternative foregone when a choice is made

C

The difference between total revenue and total cost

D

The financial gain obtained from a business activity

UPSC
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