Today, Julie attended her 12:30 Economics class. If she hadnʹt gone to class, Julie would have gone out to lunch with friends. She had other options; she could have worked or slept in. Julieʹs opportunity cost of going to class is the

Question

Quizplus · Accepted Answer

Opportunity cost is the value of the best alternative forgone. In this case, Julie gave up going out to lunch with friends to attend her class. Hence, the lunch she gave up is her opportunity cost. Option B is not appropriate as there is no mention of Julie missing work. Option C is not appropriate as it includes components that are not relevant to the given scenario. Option D is not appropriate as there is no mention of Julie giving up sleep to attend the class.

Today, Julie Attended Her 12:30 Economics Class