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Opportunity cost is one of the cornerstones of managerial economics and the decision making. First, provide your own explanation of dissimilarity between opportunity and accounting cost, and accounting and economic profits. Then, please provide an example from your experience where opportunity cost was ignored and only the accounting (i.e. monetary) cost was considered.

How did this affect the decision made? What were the consequences?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91223310

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