Question

Minimum 100wors for the (Is it possible for a person to incur an opportunity cost without spending any money? Explain)

Answer 1

Answer) The opportunity cost is the cost of the next best alternative foregone. Yes, it is possible for a person to incur an opportunity cost without spending any money because in life we make many decisions that do not involve any monetary value or financial gain but there are costs or trade-offs for every decision we take. We make decisions emotionally and it does not involve any financial value. For instance, Time spent with your closed ones may represent an opportunity cost because there is a very real non-monetary value that can be associated with the time one dedicates to one's family.