Cryptocurrency Q&A
What is an example of opportunity cost?
What is an example of opportunity cost?
Nicolo
Mon Jan 06 2025
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5 answers
1039
I'm trying to understand the concept of opportunity cost. Could you provide me with a real-life example that illustrates this economic term?
5 answers
Andrea
Wed Jan 08 2025
Opportunity cost is a significant consideration in making business decisions.
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DigitalDynastyQueen
Wed Jan 08 2025
Suppose a business is deciding between renting a storefront on Main Street and Maple Street.
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CryptoPioneer
Wed Jan 08 2025
The rent for a storefront on Main Street is $3,000 per month, while the rent for a similar storefront on Maple Street is $2,500 per month.
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DongdaemunTrendsetterStyleIcon
Tue Jan 07 2025
After careful analysis, the business determines that both locations would attract the same number of customers.
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Raffaele
Tue Jan 07 2025
Therefore, the opportunity cost of renting on Main Street, as opposed to Maple Street, is $500 per month.
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