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26 January, 07:10

Which type of cost occurs when an individual pays for a piano lesson instead of going to a movie?

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Answers (1)
  1. 26 January, 10:19
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    This type of cost is called an opportunity cost.

    Explanation:

    Opportunity cost is the profit lost when one alternative is selected over another. In this case, the individual selects a piano lesson over a movie. One alternative was selected over another.
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