When measuring the opportunity cost of taking a vacation to Europe,the money spent on the flight,hotels,and meals is
A) generally less than the opportunity cost of the vacation
B) generally greater than the opportunity cost of the vacation
C) generally equal to the total opportunity cost of the vacation
D) equal to the total opportunity cost of the vacation only if the vacation was planned well in advance
E) equal to the total opportunity cost of the vacation only if there was little advanced planning

Question

Quizplus · Accepted Answer

Opportunity cost includes not only the money spent but also the value of the next best alternative foregone, such as income not earned or other activities not pursued.

When Measuring the Opportunity Cost of Taking a Vacation to Europe,the