Return of Chosen Option deducted from Return of Most Lucrative Option is ........

Indian Economy (Easy) Money and banking

Download Solution PDF

Return of Chosen Option deducted from Return of Most Lucrative Option is

Value of output

Factor cost

Opportunity Cost

MPC

छोटे Courses बड़े Results

Master Money and banking

Prepare through Micro-courses

Try Now

Explanation:

Opportunity cost refers to a benefit that a person could have received, but gave up, to take another course of action. Stated differently, an opportunity cost represents an alternative given up when a decision is made. Opportunity cost is also called the economic cost.
Opportunity Cost = Return of Most Lucrative Option – Return of Chosen Option.