ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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During the time Gabriella took this quiz, she could instead have practiced her violin or done her Italian homework. She thinks that if she hadn’t taken the quiz, she would have done her Italian homework. Her opportunity cost of taking the quiz is the value of ____
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doing her Italian homework
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practicing her violin
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the time it took her to do the quiz
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practicing her violin and doing her Italian homework
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Explanation:
Detailed explanation-1: -Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. When economists use the word “cost, ” we usually mean opportunity cost.
Detailed explanation-2: -Answer and Explanation: Option C) is correct: there is no such thing as a free lunch. The opportunity cost depicts the ‘value of the next best alternative forgone’. Everything is not free; to choose an alternative, one has to leave another opportunity, leading to a cost that depicts opportunity cost.
There is 1 question to complete.