ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Answer and Explanation: The correct option is b. Less time to spend with friends.

Detailed explanation-2: -that which it costs a consumer, other than money, to buy a product; the non-monetary price of purchasing a product includes the time devoted to shopping for it and the risk taken that it will deliver the expected benefits.

Detailed explanation-3: -The direct opportunity costs of attending college include the cost of tuition and books. Additional opportunity costs, however, include money they you could have earned if you didn’t go to college because you are giving up that money by pursuing an education.

Detailed explanation-4: -The monetary opportunity costs will be the money spent for tickets, gas to get there, and food at the ballpark. That money could be used for something else, such as to pay a bill. The non-monetary opportunity cost will be giving up the time to do spring yardwork outside or spring cleaning inside the house.

Detailed explanation-5: -For example, you have $1, 000, 000 and choose to invest it in a product line that will generate a return of 5%. If you could have spent the money on a different investment that would have generated a return of 7%, then the 2% difference between the two alternatives is the foregone opportunity cost of this decision.