Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
The knowledge gained from studying
B
The money they could have earned at the job
C
The time spent studying
D
The cost of textbooks
Understanding the Answer
Let's break down why this is correct
Answer
The opportunity cost of studying economics for an hour is what the student gives up by not working during that time. In this case, it could be the amount of money they would have earned at their part-time job. For example, if the student makes $15 an hour at their job, then the opportunity cost of studying for that hour is $15. This means that while studying is valuable for gaining knowledge, it also has a cost in terms of lost income. Understanding opportunity cost helps students make better choices about how to spend their time.
Detailed Explanation
Opportunity cost is what you give up when you make a choice. Other options are incorrect because Some might think the knowledge is the cost, but it's actually the benefit; Time is not the cost here; it's what you could have done with that time.
Key Concepts
scarcity
Topic
Calculating Opportunity Costs
Difficulty
easy level question
Cognitive Level
understand
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