Question

Which is the best example of an opportunity cost?

You go for a bike ride on your day off work.
You miss school because you are sick with the flu.
You have a business meeting with a potential client.
You skip a friend’s birthday party to go to a football game.

Answer 1

Answer:

You go for a bike ride on your day off work.

Answer 2

The correct option is, (A) You go for a bike ride on your day off work.

What is opportunity cost and example?

• The opportunity cost is the amount of time spent learning and the money that could be used elsewhere.
• When a farmer decides to grow wheat, there is an opportunity cost associated with not doing so or using the resources in another way (land and farm equipment).
• Instead of driving, a commuter takes the train to work.

What is included in opportunity cost?

• It includes all decision-related costs, both explicit and implicit.
• If the opportunity cost exceeds the monetary payment or activities made, it also includes the utility or economic value that person lost.
• As an illustration, taking a walk might not have any associated expenditures.

What are the 2 types of opportunity cost?

• The two types of opportunity costs are explicit opportunity cost and implicit opportunity cost.
• Explicit opportunity cost has a direct monetary value.

Hence, You go for a bike ride on your day off work  is the best example of an opportunity cost.

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