Which of the following activities describes the opportunity cost of attending an economics class?
A) the value of the time it takes to get to campus every day
B) the cost of the gasoline needed to drive a car to campus
C) the value of the highest valued alternative that must be forgone because of attending the class
D) transportation costs plus the cost of tuition and textbooks for the course

Question

Quizplus · Accepted Answer

Opportunity cost is defined as the value of the next best alternative that is foregone when a decision is made. In this case, it is the value of the highest valued alternative that must be forgone because of attending the class.

Which of the Following Activities Describes the Opportunity Cost of Attending