Question

Ishmael has four potential jobs to consider, each with different salary offers. From highest to lowest, the salaries are: $58,500, $57,000, $56,000, and $53,000. Based on the information provided, what is the opportunity cost of Ishmael accepting the position that pays $56,000

Answer 1

Answer:

highest paying position

Explanation:

In the field of economic, "opportunity cost" may be defined as the loss of the potential gain from among the alternatives that were provided when one of the alternatives were chosen over the other alternatives. In other words, it is the loss of a benefit for a person who could have enjoyed if that person would have not taken the choice.

Opportunity cost helps to make decisions properly.

In the context, Ishmael has been offered four potential jobs  from highest salary to lowest salary. Based on this information, the opportunity cost of Ishmael  to accept the position which pays him $56,000 is the highest paying job.