- Opportunity cost is the value of the forgone alternative. - It is not the sum of the alternatives or the difference between them; it is the value of the single best alternative not chosen.
Suppose an agricultural labourer earns ₹400 per day in her village. She gets a job to work as babysitter in a nearby town @ ₹700 per day. She chose to work as agricultural labourer. Which one of the following is the opportunity cost of the agricultural labourer?
Asked in UPSC CDS 1 2020 · Topic: Nature of Indian Economy (Developing Economy Characteristics)
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