A student decides to spend Saturday studying economics instead of working a part-time job that pays $40. What is the opportunity cost of studying?

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Question

A student decides to spend Saturday studying economics instead of working a part-time job that pays $40. What is the opportunity cost of studying?

Accepted Answer

The $40 in wages the student did not earn — The opportunity cost is the next best alternative foregone, which here is the $40 in wages from the part-time job. Option A refers to the monetary cost of studying, not the opportunity cost. Option B refers to non-monetary factors unrelated to the stated next best alternative. Option D incorrectly encompasses all alternatives rather than only the next best one.

Answer

The cost of economics textbooks and stationery

Answer

All the leisure activities the student gave up

Answer

The $40 in wages the student did not earn

Answer

The enjoyment gained from the part-time job

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