Question

Ali decides to attend the one-hour review session for microeconomics instead of working at his job. His job pays him​ $10 per hour.​ Ali's opportunity cost of attending the review session is _________.

Answer 1

Answer:

Opportunity cost is $10

Explanation:

Opportunity cost is the concept in economics that looks at the cost of doing an activity, that is the foregone alternative.

Ali decides to attend a one-hour review session in so doing he has foregone one hour's wages where he works. As one hour pays $10, he has lost $10 for attending the review session.