Final answer:
The opportunity cost of Logan choosing to study instead of hiking is the fresh air and exercise he would have experienced during the hike.
Step-by-step explanation:
Logan chooses to study for an economics test instead of going hiking. The opportunity cost in this scenario is the fresh air and exercise Logan would have gotten on the hike. This exemplifies a fundamental principle of economics, which states that every choice entails an opportunity cost. The opportunity cost is what you forfeit when you choose one alternative over another. It is the value of the next best alternative that is not chosen. Therefore, in Logan's case, the cost of studying for the economics test is missing out on the benefits of hiking, such as enjoying the outdoors and staying physically active.