Question

In your own words, explain what opportunity cost is? Did you know about this concept? Give an example.

Answer 1

A student spends three hours and $20 at the movies the night before an exam. The opportunity cost is time spent studying and that money to spend on something else. A farmer chooses to plant wheat; the opportunity cost is planting a different crop, or an alternate use of the resources (land and farm equipment).

Step-by-step explanation: