In The Economics of Nonhuman Societies, economist Gordon Tullock describes the economics hidden in biology (e.g., ants and bees). One of the lessons of the book is opportunity cost. In what way does an animal, such as an ant, face opportunity costs?

Question

Quizplus · Accepted Answer

An ant faces opportunity costs in the sense that searching for food in one direction means it cannot search in another direction. This is because its time and energy are limited, and it must allocate these resources wisely in order to maximize its chances of finding food and returning safely to the colony. Thus, the ant must weigh the potential benefits of searching in one direction against the potential benefits of searching in another direction, taking into account the cost of not searching in the other direction. This is a classic example of opportunity cost, in which the cost of one choice is the value of the next best alternative.

In the Economics of Nonhuman Societies, Economist Gordon Tullock Describes