Solved

If Tom Spends 4 Hours a Day on Facebook,and the Minimum

Question 83

Essay

If Tom spends 4 hours a day on Facebook,and the minimum wage in his country is $7 per hour.
a)What is his opportunity cost of spending time on Facebook?
b)Given that spending time on Facebook has an opportunity cost,does this analysis suggest that Tom should work rather than spend his time on social networking?

Correct Answer:

verifed

Verified

a)Opportunity cost refers to the best al...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents