Asked by
victoria aguirre
on Oct 27, 2024
Verified
You have $1 to spend on a vending machine snack.A bag of chips will cost you $1 and a candy bar will also cost you $1.If you choose the bag of chips,the opportunity cost of buying the chips is:
A) $1 plus the enjoyment you would have received from the candy bar.
B) $2 minus the enjoyment you received from the bag of chips.
C) $1.
D) the enjoyment you would have received from the candy bar.
Opportunity Cost
Abandoning the possibility of gains from alternative options by selecting one choice.
Vending Machine
An automated machine that provides items such as snacks, beverages, and other products to consumers after money, a credit card, or a specially designed card is inserted into the machine.
Bag of Chips
A packaged snack made from thinly sliced potatoes or other vegetables, fried or baked, commonly seasoned and served in a sealed bag.
- Understand the concept of opportunity cost and how it applies to various decision-making scenarios.
- Recognize that opportunity costs involve both monetary and non-monetary factors.
Verified Answer
RM
Learning Objectives
- Understand the concept of opportunity cost and how it applies to various decision-making scenarios.
- Recognize that opportunity costs involve both monetary and non-monetary factors.