Asked by Donna Pollock on Jul 11, 2024
Verified
If you enjoy playing golf,the opportunity cost of cleaning your room:
A) is greater on sunny days than it is on rainy days.
B) is the same on sunny days as it is on rainy days.
C) is smaller on sunny days than it is on rainy days.
D) does not change with weather conditions.
E) is equal to the opportunity cost of any other chore you have to do that day.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision.
Playing Golf
An outdoor game in which players use clubs to hit a small ball into a series of holes on a course in as few strokes as possible.
Sunny Days
Days characterized by sunshine, with minimal to no cloud cover, often associated with good weather.
- Pinpoint the factors that play a role in determining opportunity cost and its criticality in formulating decisions.
- Understand the impact of opportunity costs on daily choices, encompassing the management of time.
Verified Answer
KJ
Keaton JenningsJul 12, 2024
Final Answer :
A
Explanation :
The opportunity cost of cleaning your room is greater on sunny days than on rainy days because on sunny days, you could be playing golf (which you enjoy), making the alternative use of your time more valuable compared to rainy days when playing golf might not be as appealing.
Learning Objectives
- Pinpoint the factors that play a role in determining opportunity cost and its criticality in formulating decisions.
- Understand the impact of opportunity costs on daily choices, encompassing the management of time.