Question

Opportunity cost is __

Identify the opportunity cost in each of the following examples. Select the answer that best completes the sentence.
OA.
the value of the alternative a person did not select
B. the fact that one must spend money in order to get what they want
O
c.
the value of one thing is always greater than the value of another
OD. no answer is correct.

Answer 1

Answer: A.

Step-by-step explanation:

By definition, opportunity cost is the amount or value of something you gave up for another good.

For example: say you value sleeping in at $5 value going to class at $4. You decide to get up and go to class, the $4 value. Therefore, your opportunity cost is what you gave up (sleeping in) for another good/choice (going to class), is $5 since you valued sleeping in at that.