Question

A shirt was purchase for 500 naira instead of a shoe what is the opportunity cost

Answer 1

Answer:

A shirt was purchase for 500 naira instead of a shoe what is the opportunity cost. 1. See answer. Unlocked badge showing an astronaut's boot .

Explanation:

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Answer 2

Opportunity Cost in this case will be the price of shoes.

• In this question, we are given that a girl called Naira wanted to buy a pair of shoes but instead she decides to buy a shirt costing Rs.500.
• Therefore, The opportunity cost, in this case, will be the price of shoes that she would have bought but has eventually sacrificed for buying a shirt.
• As we know, Opportunity Cost can be defined as," In micro economic theory, the opportunity cost of a particular activity is the value or benefit given up by engaging in that activity, relative to engaging in an alternative activity. More simply, it means if you chose one activity you are giving up the opportunity to do a different option."
• Therefore, The opportunity cost, in this case, will be the price of shoes that she would have bought but has eventually sacrificed for buying a shirt.

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