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fiasKO [112]
3 years ago
12

What is the opportunity cost in this scenario?

Social Studies
1 answer:
andrew-mc [135]3 years ago
4 0
Opportunity cost refers to a value that a person could have have received but which the person gave up in preference for another value. It is also called alternative cost. In the scenario given above, Harry decided that the most important commitments for him are to go over to his parent's house and to attending his friend's birthday party. But eventually, he gave up going to his friend's birthday party and go to his parent's house instead. So the opportunity cost in this scenario is the friend'd birthday party which Harry gave up.
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