Question

What is the opportunity cost of saving money to purchase a car? A) the cost of working hard to save money B) the money you could have earned at a job C) the money could be used to go on vacation D) the cost of insurance, gas, and maintenance

Answer 1

The opportunity cost of saving money to purchase a car, the money could be used to go on vacation

Option C

Explanation:

• Opportunity cost is when people have scare resources and they have many desires. Here the scare resource is the income and the money being saved to buy a car
• This decision involves the opportunity cost where the person gives up on using the money for going on a vacation. The opportunity cost is what has been given up for purchasing a car.  
• The opportunity cost is the benefit what the person gets from an opportunity by giving up on something else.  The benefit  could be a decision they take in regards to their business or their life.

To know more about Opportunity cost

Distinguish between marginal opportunity cost and total opportunity cost

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