[amp_mcq option1=”the advantage foregone” option2=”the cost” option3=”the income” option4=”None of the above” correct=”option1″]<\/p>\n
The correct answer is: A. the advantage foregone.<\/p>\n
Opportunity cost is the value of the next best alternative forgone when making a choice. In other words, it is the cost of not doing something. For example, if you choose to go to work, the opportunity cost is the leisure time you would have had if you had stayed home.<\/p>\n
Option B, the cost, is not the same as opportunity cost. The cost of something is the amount of money or other resources that you have to give up in order to get it. For example, the cost of a car is the amount of money you have to pay for it.<\/p>\n
Option C, the income, is also not the same as opportunity cost. Income is the money you earn from working or from other sources. For example, your salary is your income from your job.<\/p>\n
Option D, None of the above, is also not the correct answer. Opportunity cost is the advantage foregone when making a choice.<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=”the advantage foregone” option2=”the cost” option3=”the income” option4=”None of the above” correct=”option1″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[952],"tags":[],"class_list":["post-50677","post","type-post","status-publish","format-standard","hentry","category-costing","no-featured-image-padding"],"yoast_head":"\n