Magdalena decides to plant some fresh flowers in her garden? what is the opportunity cost a.Time she could spend on other activities b.cost of flowers and pots c.cost of all other flowers and pots she couldve used d, a and b only e. none of the above
Magdalena decides to plant some fresh flowers in her garden? what is the
a.Time she could spend on other activities
b.cost of flowers and pots
c.cost of all other flowers and pots she couldve used
d, a and b only
e. none of the above
The opportunity cost of a specific activity option in microeconomic theory is the loss of value or benefit that would be suffered (the cost) by engaging in that activity versus engaging in an alternative activity with a higher return in value or benefit.
The majority of daily economic decisions made in society, whether directly or indirectly, are based on opportunity cost. Sacrifice is a cost-of-opportunity calculation in which the decision maker foregoes the next best option.
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