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MICROECONOMICS CH : 8 CONCEPTS OF COST — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 8 CONCEPTS OF COST1 Mark
Question
Define opportunity cost.
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Answer

Opportunity cost is the total sacrifice made for availing an opportunity (or producing a given level of output).

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