Question

Which of the following most correctly demonstrates the opportunity cost of

Answer 1

The opportunity cost of choosing to live in a rural area instead of an urban area is the accessibility to greater choices which is in terms of entertainment, food, and shopping. Thus, statement B is correct.

What do you mean by opportunity cost?

In microeconomic theory, the opportunity cost of a particular activity alternative is the loss of price or advantage that could be incurred through engaging in that activity, relative to engaging in an alternative activity providing a better return in value or advantage.

The opportunity cost of choosing to live in a rural area instead of an urban area is the accessibility to greater choices in terms of entertainment, food, and shopping. Thus, statement B is correct.

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