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What is the difference between opportunity and marginal cost?
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Answer / Surendra Pal Kardam
Opportunity cost refers to the next best alternative given up when a particular choice is made. It considers all resources that could have been used for other purposes instead of the chosen one. Marginal cost, on the other hand, is the incremental cost associated with producing one additional unit of output. While opportunity cost considers lost opportunities across various activities, marginal cost focuses solely on the costs directly related to producing more of a specific good or service.
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