Asked by
Carla Suarez
on Nov 11, 2024
Verified
Suppose you have a choice of working full-time during the summer or going full-time to summer school.Summer tuition and books are $2,200.If you worked,you could make $7,000.Your rent is $1,000 for the summer,regardless of your choice.If these are the only relevant costs to consider,the opportunity cost of going to summer school is:
A) $2,200.
B) $7,000.
C) $8,000.
D) $9,200.
E) $10,200.
Opportunity Cost
The cost associated with not pursuing an alternative option when a decision is made, reflecting the trade-offs inherent in decision-making.
Summer School
Educational programs or classes offered during the summer vacation period to provide additional learning opportunities.
Full-Time
Employment status where individuals work a minimum number of hours defined by their employer or national regulations, usually around 40 hours per week.
- Master the subject of opportunity cost and the techniques for its assessment.
- Acknowledge the influence of opportunity costs on everyday decision-making processes, especially regarding the organization of time.
Verified Answer
PV
Learning Objectives
- Master the subject of opportunity cost and the techniques for its assessment.
- Acknowledge the influence of opportunity costs on everyday decision-making processes, especially regarding the organization of time.