Question 4 1 pts You are faced with the following alternative choices on Saturda

Question

Question 4 1 pts You are faced with the following alternative choices on Saturday afternoon. You can only do one of these activities. None of these activities will require you to spend any money. Choice A: Go hiking. Choice B: Work out using exercise equipment in your garage. Choice C: Stay at home and practice playing the violin. It turns out that Choice A is your most preferred activity, Choice B is your second most preferred activity, and Choice C is your least preferred activity. You choose to go hiking. What is the opportunity cost of your decision to go to hiking? O Practicing playing the violin O There is no opportunity cost associated with your choice O Working out and practicing playing the violin O Working out

Explanation / Answer

There can be as many activities as one can think of in a given period of time. Yet the opportunity cost of an activity is the amount of sacrifice done by not selecting the next best alternative or activity.

Hence the opportunity cost of activity A is activity B. Select working out.

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