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OpenStudy (anonymous):
How does cost differ from opportunity cost
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OpenStudy (anonymous):
Cost is how much you pay for something and opportunity cost is the value of the thing given up to get something else.
OpenStudy (tkhunny):
"the thing"? Is it all such things or just the next most valuable or something else?
OpenStudy (anonymous):
Opportunity cost is like a chance that you take and cost is something you have to pay and is fixed like say your rent that is a cost but buying that candy bar for your shop is a opportunity cost.
OpenStudy (tkhunny):
You didn't answer my question.
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