What do economists mean by “opportunity cost?

1. Opportunity Costs

What do economists mean by “opportunity cost?” What are your opportunity costs in taking this course?

2. Demand v. Quantity Demanded

What is the difference between a decline in the quantity demanded and a decline in demand? Given an example of something for which your demand has fallen. Is it an example of a decline in the quantity you demand or a decline in your demand?

Economics

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What do economists mean by “opportunity cost?

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