Question:-
Which economist gave the theory of Opportunity Cost?
Answer:-
- Gottfried Haberler gave the theory of Opportunity Cost.
- Opportunity Cost is a key concept in economics, and has been described as expressing ''the basic relationship between scarcity and choice.
- The Opportunity Cost of a product or service is the revenue that could be earned by its alternative use.
- In other words, the opportunity cost is the cost of the next best alternative for a product or service.
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