Here are three things you could do if you do not attend your economics class: watch television with some friends (you value this at $25),read a good book (you value this at $17),or go to work (you could earn $20 during the economics class).The opportunity cost of going to your economics class is
A) $20,because this is the only alternative of the three where you would actually receive a monetary payment.
B) $17,because this is the lowest valued alternative forfeited.
C) $25,because this is the highest valued alternative forfeited.
D) $62,because this is the total dollar sum of the three forfeited alternatives.

Question

Quizplus · Accepted Answer

The opportunity cost of an action is the value of the next best alternative forgone. In this case, watching television with friends, valued at $25, is the highest valued alternative forgone by attending the economics class.

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