PRC-3 · Chapter 9 · Question 21 of 45
An individual has the choice between working full-time for Rs. 40,000 a month or attending college. If they choose college, the Rs. 40,000 they gave up is considered what type of cost?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Opportunity cost
Explanation
Opportunity cost is defined as the value of the next best alternative that is foregone when making an economic decision.
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