Define the term opportunity cost


Problem: Define opportunity cost, does every business choice have an opportunity cost and give an example of a business practice with an economic cost that is different than its accounting cost. Give an example of a business practice with an opportunity cost that is different than its monetary cost. And can the opportunity cost of a given resource use be different for different companies and/or be different for the same company at different times.

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Microeconomics: Define the term opportunity cost
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