Question

This module considers two very important concepts in economics: Marginal Utility and Opportunity Cost. Both of these tools are microeconomics in nature and, thus, can be applied to personal decision making. Microeconomics often considers the use of personal resources and these two concepts work to help measure your resource allocation. Regarding Opportunity Cost consider your decision to attend college classes. You have elected to do so which makes your time spent in courses the primary use of your resource of time. What is the opportunity cost of attending classes

Answer 1

Answer:

The correct answer is that the opportunity cost of attending classes is doing something entirely different with that same time.

Explanation:

First of all, we understand the opportunity cost is an economic concept that helps us to take better decisions and that is why it is focus on what we lose in order to gain something else. That is why, the opportunity cost of attending classes is the time the person can spend in doing something else, like hanging with friends or working. Therefore that this type of cost what focus on is in the other situation that could be happening but is not due to our decision made and that represents the sacrifies made in order to obtain what the person choose.