Question

Which of the following sayings best reflects the concept of opportunity cost? a. "You can't teach an old dog new tricks."b. "Time is money."c. "I have a baker's dozen."d. "There's no business like show business.

Answer 1

Answer:

The correct answer is b) "Time is money"

Explanation:

The Opportunity costs refer to all the benefits that a person, investor or company misses out on when they deciding one alternative over another.

For example, the expression "time is money" means that you can´t waste time because you could use this time to produce money. In other words, the time that you expend in some activities different than a profitable activity, are money that you won't recuperate. This is a clear example of opportunity cost when you choose an alternative that has fewer benefits than others.