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The amount of other goods and services that must be sacrificed to obtain more of anyone good is called the ______cost of the good.
1. opportunity
2. secondary
3. ignorable
4. None 

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Correct Answer - Option 1 : opportunity

The Correct Answer is opportunity.

  • The amount of other goods and services that must be sacrificed to obtain more of anyone good is called the opportunity cost of the good.
  • In microeconomic theory, the price of opportunity is what we get in exchange for intervention. To illustrate, the cost of chance is the disadvantage or gain that might have been enjoyed if the alternate path was selected.
  • The aim of opportunity costs is to make optimal usage of finite capital as a reflection of the relationship between scarcity and preference. It requires, both overt and implied, all related costs of a decision.
  • The cost of opportunity often involves the utility or economic gain wasted by a person, indeed it is more than the cash payment or action is taken.
  • As an example, there may not be any financial costs involved in going for a walk.

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