What is the concept of opportunity cost?
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Explain the concept of opportunity cost, and how it applies to your major at AU (i.e., apply the concept to a question or an issue you have studied). Identify the opportunity costs of going to college? Is room and board an opportunity cost? Why or Why not? Are AU Basketball tickets an opportunity cost? Why or Why not? Should transportation costs home for Thanksgiving be considered an opportunity cost? What would your answer depend on?
Explain the concept of opportunity cost.
The principle of opportunity cost evolves from the concept of