The opportunity cost of an action is the value of the benefit expected from the next best foregone
alternative. It is a derivative concept which arises due to the scarcity of resources (for production) or
goods and services (for consumption) which necessitates the making of choice between competing
alternative uses – where more of a commodity is produced or consumed by reducing the production
or consumption of another.
Wilfykil answered the question on February 4, 2019 at 09:03