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Economics
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21 Oct 2020

What is opportunity cost?

    1. It is the cost of getting one thing

    2. It is the thing one has to sacrifice to get another.

    3. It is the actual price of a thing

    4. It is the expected price of a thing

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Macroeconomics
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Opportunity Cost
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Kristelle Balando
Kristelle BalandoLv10
21 Oct 2020

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Related questions

  1. What is tradeoff?

    1. It is the process of sacrificing something for another thing. 

    2. It is the cost of getting one thing

    3. It is the thing one has to sacrifice to get another.

    4. It is the thing one expects to sacrifice to get another thing.
_____ cost is the most plainly visible when spending more money on one thing as it means that less money can be spent on another thing.

You are standing in line. Think about what you would be doing if you are not in this line. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing (not all of them) if you are not in this line, determining the opportunity cost requires only knowing the one thing you would be doing. Calculate (in $$$) your opportunity costs of standing in line.

Please give detailed example of opportunity costs. It should be supported by calcuation (in $$$) of opportunity costs.

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