Jim Burt has decided to cut classes over Easter week and go to Florida.An opportunity cost of that decision was the cost of the airplane ticket.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the benefits or values that are foregone by choosing one alternative over another. In this case, the opportunity cost of Jim Burt deciding to go to Florida would be the missed classes and the educational benefits he would have received from attending those classes, not the cost of the airplane ticket.

Jim Burt Has Decided to Cut Classes Over Easter Week