Question

The opportunity cost of purchasing a textbook is best defined as the______ A - value of...

The opportunity cost of purchasing a textbook is best defined as the______

A - value of all the alternatives given to purchase a text
book
B- money spent to purchase a textbook
C- time spent getting a textbook
D- value of the highest valued alternative given to purchase a textbook

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Answer #1

Opportunity cost of something is the benefit that a person could have received, but have to sacrifice or forgo to the take another alternative option.

If a person purchase a “text book”, then that person have to pay for it. So, if the person purchase it then he /she would not be able to use the “money”, that he/she could have used to purchase other alternative choices.

=> the opportunity cost is the value of the highest valued alternative given to purchase a textbook.

=> “D” is the correct option.

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