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7 February, 10:59

How does cost differ from opportunity cost

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  1. 7 February, 14:16
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    Cost is usually taken to be the prize (real prize, but not necessarily money: could be resources) paid for something.

    Opportunity cost is a loss of an opportunity: it is not a loss of something that you had but of something that you could have had; an opportunity you loose, not something you already have that you loose.
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