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 working or partying,depending on which was your next best choice.
C)forgone working and partying.
D)forgone party.
E)test because you are taking it.

Question

Quizplus · Accepted Answer

Opportunity cost is the value of the next best alternative that is foregone when a decision is made. In this case, it is either working or partying, depending on which was the next best choice.

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