Most of you will be familiar with a supply and demand graph. This shows a demand curve, which graphs the relationship between the price of something and the quantity demanded of that something, as well as a supply curve, which graphs the relationship between the price of something and the quantity supplied […]
Lost Opportunity Cost
Most operators consider the cost-benefit between two (or more) choices they want to consider. The problem lies in how they chose the options being considered and whether or not there were better alternatives.