Question

Think of a recent decision you made. Review your decision in terms of opportunity cost. Do you think you made a wise decision?

Answer 1

Answer:

I had $3 to spend. I could have bought chips or a milkshake, but not both. I chose the milkshake. Because I chose the milkshake, I could not buy the chips. This is an example of opportunity cost.

Explanation:

Opportunity cost is basically what you miss out on when you make a decision.