If Johnny weren't in economics class this morning, he'd be sleeping. The value Johnny places on sleeping represents his:

Question

Quizplus · Accepted Answer

The value Johnny places on sleeping represents his opportunity cost, which is the value of the next best alternative foregone as a result of making a decision. In this case, if Johnny weren't in economics class, he would choose to sleep, making sleep his next best alternative and thus his opportunity cost.

If Johnny Weren't in Economics Class This Morning, He'd Be