ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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During the summer you have made the decision to attend summer school, which precludes you from working at your usual summer job in which you normally earn $6, 000 for the summer. Your tuition cost is $3, 000, books and supplies cost $300, and room and board cost$1, 000. The opportunity cost of attending summer school is ____
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$3, 300.
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$6, 000
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$4, 300
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$10, 300
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Explanation:
Detailed explanation-1: -The money earned by the person in the summer job is $6, 000. Now, to attend summer school, the person has to sacrifice the benefits of the job, which is a salary of $6000. Therefore, the monthly payment sacrificed for attending the summer school is the opportunity cost of the person.
There is 1 question to complete.