ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Maggie
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Concert
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Studying
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Park
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Detailed explanation-1: -The opportunity cost is time spent studying and that money to spend on something else.
Detailed explanation-2: -What is the opportunity cost of taking an exam? the highest valued alternative that someone gave up to prepare for and attend the exam.
Detailed explanation-3: -A player attends baseball training to be a better player instead of taking a vacation. The opportunity cost was the vacation. Jill decides to take the bus to work instead of driving. It takes her 60 minutes to get there on the bus and driving would have been 40, so her opportunity cost is 20 minutes.
Detailed explanation-4: -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. The word “cost” is commonly used in daily speech or in the news.