1. What is meant by opportunity cost? Give an example. Suppose that you need to take a class at 3PM, but you can also work an extra shift at your job. What is the opportunity cost of taking the 3PM class?

1. What is meant by opportunity cost? Give an example. Suppose that you need to take a class at 3PM, but you can also work an extra shift at your job. What is the opportunity cost of taking the 3PM class?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter1: What Economics Is About

Section: Chapter Questions

Problem 8QP

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