If the opportunity cost of time is ________ and an individual spends ________ commuting every month,the opportunity cost of her commute is $100 every month.
A) $5 per hour; 10 hours
B) $8 per hour; 20 hours
C) 10 per hour; 10 hours
D) $12 per hour; 5 hours

Question

Quizplus · Accepted Answer

The opportunity cost of time is the value of the time spent on an alternative activity. If the opportunity cost is $10 per hour and the individual spends 10 hours commuting, then the total opportunity cost is $10/hour * 10 hours = $100.

If the Opportunity Cost of Time Is ________ and an Individual