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Chapter 8 Building Blocks in Economics the Problem of Choice - Part 1

A person has ₹500 and buys a book instead of a shirt. The opportunity cost is:

Type: MCQ • Marks: 1
A person has ₹500 and buys a book instead of a shirt. The opportunity cost is:
Options
A. The price of the book only
B. ₹500 in every case
C. The value of the best alternative represented by the shirt
D. Zero
Explanation
Explanation: The forgone benefit from the next best alternative is the opportunity cost.
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