Question

Jacob chose to spend the afternoon swimming rather than going to the movies. any value given up from not going to the movies is the _____ . trade-off opportunity cost marginal cost

Answer 1

opportunity cost

Going to the movies is the next best thing which is an oppotunity cost. A trade-off is the options you elimnated first, you can have many trade-offs but only 1 opportunity cost.

Answer 2

Any value given up from not going to the movies is the "opportunity cost".

Opportunity costs represent the advantages an individual, speculator or business passes up while picking one option over another. While money related reports don't demonstrate opportunity cost, entrepreneurs can utilize it to settle on taught choices when they have various alternatives previously them. Since they are concealed by definition, opportunity expenses can be neglected in the event that one isn't cautious. By understanding the potential botched chances one renounces by picking one venture over another, better choices can be made.