Asked by Jillian Hearne on May 16, 2024
Verified
Refer to Scenario 1-5. What is your opportunity cost of working?
Opportunity Cost
The cost of the next best alternative that is forgone when making a decision.
Scenario 1-5
A series of hypothetical or planned situations used for strategic planning, decision making, or analysis, labeled numerically for differentiation.
Working
Engaging in a physical or mental activity to achieve an objective, often to earn an income.
- Pinpoint and calculate opportunity costs in diverse circumstances.
Verified Answer
DD
Danielle DavidsonMay 17, 2024
Final Answer :
The enjoyment you would have received from going to the movies with your friend.
Learning Objectives
- Pinpoint and calculate opportunity costs in diverse circumstances.