Question

If you decide to go to class, then what do we know about the opportunity cost of your decision?

1) The opportunity cost of going to class is sleeping in late.
2) The opportunity cost of going to class is going to work early.
3) The opportunity cost of going to class is getting lunch.
4) The opportunity cost of going to class is going to the gym to exercise.
5) The opportunity cost of going to class is watching television.

Answer 1

The opportunity cost of going to class is the most valuable alternative that is foregone, which could be any activity that the student values more such as working, sleeping, or leisure activities.

Step-by-step explanation:

The concept of opportunity cost is a fundamental principle in economics which articulates that every decision involves a trade-off, where choosing one alternative means forgoing the next best alternative. In the context of the question, if a student decides to go to class, the opportunity cost is the most valuable activity they could have done instead.

This could be sleeping in, working, getting lunch, exercising at the gym, or watching television, depending on which option presents the highest value to the student at that moment. It is important to note that the opportunity cost will vary from person to person as everyone has different priorities and values.