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Economics - Financial Markets 19 Online
OpenStudy (anonymous):

How does cost differ from opportunity cost

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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