Explain the meaning of opportunity cost?

The benefits foregone of the next best alternative.

AO
Answered by Alessio O. Economics tutor

1873 Views

See similar Economics A Level tutors

Related Economics A Level answers

All answers ▸

What is the difference between perfect competition and imperfect competition?


Why does a monopoly equate marginal revenue and marginal cost?


Explain what is meant by the rate of inflation and  analyse the main causes of inflation


Evaluate the role of buffer stock systems


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences