the concept of opportunity cost. it is illustrated on the Production Possibility Frontier (PPF). More importantly, firms and individuals live with and deal with opportunity cost every day.Firms and individuals can pretend opportunity cost doesn't exist by ignoring it, but it will not go away.Provide an example of how you have dealt with opportunity cost - use your professional life, school life and/or your personal life - and discuss what the opportunity cost was/is and how you dealt with it.Are you happy with the choice you made?