The value of a business owner's time is an example of
A)an opportunity cost.
B)a fixed cost.
C)an explicit cost.
D)total revenue.

Question

Quizplus · Accepted Answer

The value of a business owner's time is an opportunity cost because by spending time running the business, the owner is giving up the opportunity to spend their time on other activities such as leisure or potentially more lucrative ventures.

The Value of a Business Owner's Time Is an Example