Which of the following sayings best reflects the concept of opportunity cost? a. "You can't teach an old dog new tricks."b. "Time is money."c. "I have a baker's dozen."d. "There's no business like show business.

Question

Business

Gauge Cox

28 May, 10:42

Which of the following sayings best reflects the concept of opportunity cost? a. "You can't teach an old dog new tricks."b. "Time is money."c. "I have a baker's dozen."d. "There's no business like show business.

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Answers (1)

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Geovanni Roach · Answer 1

The correct answer is b) "Time is money"

Explanation:

The Opportunity costs refer to all the benefits that a person, investor or company misses out on when they deciding one alternative over another.

For example, the expression "time is money" means that you can't waste time because you could use this time to produce money. In other words, the time that you expend in some activities different than a profitable activity, are money that you won't recuperate. This is a clear example of opportunity cost when you choose an alternative that has fewer benefits than others.