Consider the decision to read your economics textbook. Which of the four core principles of economics applies to the notion that instead of reading this textbook you could be studying for your upcoming exam in a different course?
A)Cost-benefit principle
B)Opportunity cost principle
C)Marginal principle
D)Interdependence principle

Question

Quizplus · Accepted Answer

The concept of opportunity cost principle applies to the decision of whether to read the economics textbook or study for an upcoming exam in a different course. By choosing to read the economics textbook, the opportunity cost is the time that could have been used to study for the other course. Thus, the principle of opportunity cost states that the cost of a choice is the value of the best alternative forgone.

Consider the Decision to Read Your Economics Textbook