The definition of opportunity cost is that it is the value of the activity you have given up. Giving up a day of work "costs" the $30-per-hour person more than it does the minimum wage person. AACSB: Analytic Blooms: Analyze Difficulty: 3 Hard Learning Objective: 01-02 Explain and apply the Cost-Benefit Principle; which says that an action should be taken if; but only if; its benefit is at least as great as its cost. Topic: Applying the Cost-Benefit Principle 30. The opportunity cost of an activity is the value of: Opportunity cost is not the total value of all possible activities, but only the value of the alternative you give up.
The definition of opportunity cost is that it is the value of the activity you have given up. Giving up a day of work "costs" the $30-per-hour person more than it does the minimum wage person. AACSB: Analytic Blooms: Analyze Difficulty: 3 Hard Learning Objective: 01-02 Explain and apply the Cost-Benefit Principle; which says that an action should be taken if; but only if; its benefit is at least as great as its cost. Topic: Applying the Cost-Benefit Principle 30. The opportunity cost of an activity is the value of: Opportunity cost is not the total value of all possible activities, but only the value of the alternative you give up.
Sample-3.docx