ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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On Saturday morning, you rank your choices for activities in the following order:go to the library, work out at the gym, have breakfast with friends, and sleep late. Suppose you decide to go to the library. Your opportunity cost is ____
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working out at the gym.
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working out at the gym, having breakfast with friends, and sleeping late.
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zero because you do not have to pay money to use the library.
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not clear because not enough information is given.
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Explanation:
Detailed explanation-1: -Opportunity cost is defined as the value or benefit of the next best choice that is not selected during decision making. From the given choices, the next best alternative to going to the library is working out at the gym.
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