Use the information below to answer the following questions.
Fact 1.4.1 Costco
When Costco opened a gas bar just off Highway 401,the neighbourhood was swamped with cars as drivers lined up to get the discount of 10 cents a litre.
-Refer to Fact 1.4.1.The opportunity cost of a litre of gas includes
A)the time that you would have spent doing something other than lining up to buy a litre of gasoline.
B)the amount of money that a consumer saves by buying gasoline at Costco.
C)the 10 cent discount on a litre of gasoline.
D)the pleasure that motorists receive from buying cheaper gasoline.
E)the incentive to purchase a full tank of gas.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the best alternative foregone when making a decision. In this case, the opportunity cost of buying gasoline at Costco would be the time spent waiting in line to get the discount, which could have been used for other activities.

Use the Information Below to Answer the Following Questions