Asked by
Jacqusha Brown
on Nov 17, 2024
Verified
The opportunity cost of working one hour is the sum of the values you would have received from all other activities you could have done in that hour.
Opportunity Cost
The benefit that is missed or given up when choosing one alternative over another.
Hour
A unit of time equal to 60 minutes.
- Evaluate the rational motivations for consumer preferences and the understanding of opportunity cost.
Verified Answer
ST
Learning Objectives
- Evaluate the rational motivations for consumer preferences and the understanding of opportunity cost.