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What is an opportunity cost?

What is an opportunity cost? Here are some definitions.

Noun
  1. (economics) The cost of an opportunity forgone (and the loss of the benefits that could be received from that opportunity); the most valuable forgone alternative.
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The opportunity cost of such a measure has thus been estimated at 3 billion dollars per year.
The benefit that a real property could generate, if put to its best alternative use, is defined as opportunity cost.
On the other hand, the lower yield curve also implies a lower opportunity cost of waiting to invest, due to the lower short-term rate.
The level of hidden subsidies can not be determined based on the opportunity cost of energy carriers at international prices.
Ghana's loss includes both the training cost and the opportunity cost of understaffed health facilities.
This is true as far as it goes, but a vigorous application of opportunity cost reasoning reveals the fallacy of this argument.

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