Asked by
Liberia Cristiana Leon De Juda
on Dec 12, 2024
Verified
Which of the following activities describes the opportunity cost of attending an economics class?
A) the value of the time it takes to get to campus every day
B) the cost of the gasoline needed to drive a car to campus
C) the value of the highest valued alternative that must be forgone because of attending the class
D) transportation costs plus the cost of tuition and textbooks for the course
Opportunity Cost
Giving up possible rewards from different alternatives by choosing one path.
Attending Class
The act of being present at scheduled educational lessons or seminars.
Highest Valued Alternative
The next best choice or option that must be forgone to pursue a certain action or investment, often considered in opportunity cost calculations.
- Explicate and quantify opportunity costs in distinct economic environments.
Verified Answer
NC
Learning Objectives
- Explicate and quantify opportunity costs in distinct economic environments.