If Henry decides to mow lawns then the opportunity cost would be - the chance to earn by working in a library
The correct answer is an option (B)
What is opportunity cost?
- "It is the value of what you lose when choosing between two or more options."
- "It is the value of the next best option."
We know that,
- the opportunity cost is the cost of the alternative that we waive when we make a certain decision, including the benefits that we could have obtained from having chosen the alternative option.
- It is referred to as "the value of the best option not selected".
- The opportunity cost is the values that are lost while choosing one alternative in place of others.
- This value may or may not be measured in money.
- It is the value of what you have to give up in order to choose something else.
Henry wants to get a job this summer.
He can either mow lawns or work in the local library.
if he decides to mow lawns, he would lost the chance to earn by working in a library.
This means, the opportunity cost is - the chance to earn by working in a library
Therefore, if Henry decides to mow lawns then the opportunity cost would be - the chance to earn by working in a library
The correct answer is an option (B)
Learn more about the opportunity cost here:
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