The
Explanation of Solution
The opportunity cost will not be equal to all students in the class. The opportunity cost refers to the given up benefits in the process of obtaining some other benefits. When the students attend the class, each one gives up reading, sleeping or part time jobs in order to get the benefit from attending the economics class. That means the benefits given up to obtain the other benefit for each one will be different.
Thus, the opportunity cost of attending class will be different to each student.
Opportunity cost: The opportunity cost refers to the given up benefits in the process of obtaining some other benefits.
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Chapter 1 Solutions
Microeconomics (with Digital Assets, 2 terms (12 months) Printed Access Card) (MindTap Course List)
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