Which of the following activities describes the opportunity cost of attending an economics class?

a. the value of the time it takes to get to campus every day

b. the cost of the gasoline needed to drive a car to campus

c. the value of the highest valued alternative that must be forgone because of attending the class

d. transportation costs plus the cost of tuition and textbooks for the course

Question

Business

Amanda

30 October, 01:46

Which of the following activities describes the opportunity cost of attending an economics class?

a. the value of the time it takes to get to campus every day

b. the cost of the gasoline needed to drive a car to campus

c. the value of the highest valued alternative that must be forgone because of attending the class

d. transportation costs plus the cost of tuition and textbooks for the course

+4

Answers (1)

Know the Answer?

Yair Lyons · Answer 1

C is the correct option

Explanation:

Opportunity cost is a concept of Macroeconomic theory. It is also known as an alternative cost. It is the value of what one gives up to choose something else. In simple terms, we can say that it is the value of the road not taken. In the above question, the value of the activities one had to leave to attend the economics class woul be known as the Opprtunity cost.