It has been said that the concept of opportunity cost is central to economics and economic thinking Understanding opportunity cost will help an entrepreneur determine the true value of decisions What does mean What is the opportunity cost of going to play A in the following problem You won a free t...

An opportunity cost is the next best alternative that is given up Economists c ...

It has been said that the concept of opportunity cost is central to economics and economic thinking.

Question:

It has been said that the concept of is central to economics and economic thinking. Understanding will help an entrepreneur determine the true value of decisions. What does mean? What is the of going to play A in the following problem?
You won a free ticket to see play A. Play B is performing at the same time and is your next-best alternative. Tickets to see play B cost $40 but on any given day you are willing to pay up to $50 to see play B. $0
· $10
· $40
· $50

Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...