Question

Suppose you are studying economics. If you weren't studying economics, you would be studying literature, raising your grade in that class by a letter grade. If you weren't studying literature, you would be working, making $500. If you weren't working, you would be playing cards with friends. If you weren't playing cards with friends, you would be sleeping, which would improve your quiz score at your early-morning accounting class in the morning by 3 points. The opportunity cost of studying economics is

Answer 1

Answer:

a letter grade in literature

Explanation:

Opportunity cost or implicit is the cost of the next best option forgone when one alternative is chosen over other alternatives.

If i weren't studying economics, i would be studying literature. Thus by studying economics, i am forgoing the opportunity to study literature This is my next best option and thus my opportunity cost