Which of the following statements best describes the idea of opportunity cost and writing a test?
A) There is no opportunity cost of writing a test because it only applies to people that are working.
B) There is no opportunity cost of writing a test because they are so important.
C) The opportunity cost of writing a test is the wages given up from not working plus the loss of time studying for another test.
D) The opportunity cost of writing a test is the time given up for doing an important assignment for another class.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative foregone. In this case, it's the time given up for doing an important assignment for another class.

Which of the Following Statements Best Describes the Idea of Opportunity