Which of the following is the correct opportunity cost to consider if you are trying to choose one 3-hour elective course (A)over another 3-hour elective course (B)?

Question

Quizplus · Accepted Answer

Opportunity cost is the value of the next best alternative that you have to give up while making a choice. In this case, the opportunity cost of choosing one 3-hour elective course over another is the information and learning from the course you did not choose. Therefore, option C is the correct opportunity cost to consider. Option A is not relevant as it only considers the cost of one course, and option B is too broad as it considers the total tuition costs for the year. Option D is also incorrect as it only considers the marginal cost of taking one more course, rather than the specific opportunity cost of choosing one course over another.

Which of the Following Is the Correct Opportunity Cost to Consider