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Whenever a choice is made?

Whenever a choice is made?
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Answer #1

Resources are not sufficient in relation with the wants and desires which implies that there are choices or alternatives where resources can be used. Now when a choice is made it is the best or highest valued outcome that is selected over others. This outcome has an opportunity cost, the cost of next best alternative or choice. Hence, When a choice is made, opportunity cost of that alternative is considered to be having the highest value amoung all other choices.  

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