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12 January, 06:34

A shirt was purchase for #500 instead of a pair of shoe what is the opportunity cost

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  1. 12 January, 10:18
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    Benefits derived by owing a pair of shoes

    Explanation:

    Opportunity cost is the forfeited benefit as a result of choosing one option over others. It represents the forgone advantage that would have been enjoyed if a decision was made in a certain way. Opportunity cost arises because people have to use scarce sources to meet different needs.

    The opportunity cost of a decision is the value of the next best alternative. In this case, a shirt was preferred over a pair of shoes. The benefits associated with owning a pair of shoes is the opportunity cost. If the benefits of owning a shoe can be given a numerical value, that value would represent the opportunity cost.
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