Suppose that,instead of taking this test,you could either have worked and earned income or partied and had a pleasurable time.Your opportunity cost of taking the test is the
A) forgone work.
B) forgone party.
C) forgone working and partying.
D) forgone working or partying, depending on which was your next best choice.
E) test because you are taking it.

Question

Quizplus · Accepted Answer

The opportunity cost of an action is the value of the next best alternative that you give up. In this case, it's either the income from working or the pleasure from partying, depending on which one you would have chosen if you hadn't taken the test.

Suppose That,instead of Taking This Test,you Could Either Have Worked