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Social ScienceExplain what is meant by opportunity cost of choice
Expert Answer
The Opportunity cost of alternative is the benefits that has to forego which are available to us from the next best alternative choosen, had the current alternative has not been selected.
This can be explained better with the help of example as under:
Suppose Mr. A is a Manager in a corporation earning $ 50000 per month for the last 10 years.
He is now planning to start the business of sanitary wares after leaving the job.
Now, the best alternative he has selected is Business of Sanitary wares and Next best alternative was his managerial job.
The benefit...
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