lectur8-page13 - certain purpose measured by the benefit...

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OPPORTUNITY COST 2. Opportunity cost : the highest valued alternative that had to be sacrificed for the option that was chosen OR The cost of using scarce resources for a
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Unformatted text preview: certain purpose, measured by the benefit forgone by not using those resources in their next best alternative use....
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.

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