Examlex
Explain why a relative price is an opportunity cost.
Opportunity Cost
Neglecting possible gains from other scenarios by focusing on a singular choice.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, representing the benefits one could have received by taking a different course of action.
Attending College
The act of enrolling and participating in an academic program at a college or university.
Scarce Resources
Resources that are limited in availability and are not sufficient to satisfy all the various ways a society wants to use them.
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