Question on: WAEC Economics - 2017
the opportunity cost of a worker going to the university is
A
tuition, fees and books
B
boarding and lodging
C
the wages given up to attend the university
D
transportation and entertainment
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Correct Option: C
Opportunity cost is the value of the next best thing you give up whenever you make a decision. It is "the loss of potential gain from other alternatives when onealternative is chosen". it is simply the forgone alternative
If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else.
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