the opportunity cost of a worker going to the university is
ECONOMICS
WAEC 2017
the opportunity cost of a worker going to the university is
- A. tuition, fees and books
- B. boarding and lodging
- C. the wages given up to attend the university
- D. transportation and entertainment
Correct Answer: C. the wages given up to attend the university
Explanation
Opportunity cost is the value of the next best thing you give up whenever you make a decision. It is the loss of potential gain from other alternatives when onealternative is chosen. it is simply the forgone alternative.
If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else.
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