Figure 1.3

-An example of an opportunity cost is the time you forgo to eat a "free lunch."

Name: Figure 1.3 -An example of an opportunity cost is the time you forgo to eat a "free lunch."
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Question

Figure 1.3
 
-An example of an opportunity cost is the time you forgo to eat a "free lunch."

Quizplus · Accepted Answer

Opportunity cost is the value of the next best alternative that you have to give up in order to pursue a certain action. In this case, the opportunity cost of the "free lunch" is the time you forgo to eat it.

Figure 1.3 -An Example of an Opportunity Cost Is the Time You