A test is scheduled for Monday morning, and you went to a party on Sunday night. If you hadn't attended the party, you could have studied for the test or gone to a movie. Which of the following is true of your opportunity cost?
A) The opportunity cost of going to the movie is zero.
B) The opportunity cost of going to the party is the difference between the costs of the movie and the party.
C) The opportunity cost of going to the party is the total amount spent on transport to go to the party.
D) The opportunity cost of going to the party is the cost of the movie ticket.
E) From the above information, it's not possible to determine the opportunity cost of attending the party.
Correct Answer:
Verified
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