Suppose a student has 4 hours where he can either study or play tennis. What is the opportunity cost of study for the student
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(a) the opportunity cost will be 4 hours since he chose to study instead of play tennis he has sacrificed the 4 hours of playing tennis
Explanation:
- "Opportunity cost" represents the advantages that a person, an investor or business loses when deciding between alternatives.
- The benefit not received by not selecting the next best option is the opportunity cost. "Opportunity costs" are a core economic principle and expressed as "the essential link between scarcity and choice"
- In attempts to make efficient use of scarce resources the concept of "opportunity cost" plays a crucial role.
To know more
Explain the importance of opportunity cost to a firm - Brainly.in
https://brainly.in/question/9326816
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