A family has decided to spend their weekend at an amusement park. They have to choose between going on a popular ride with a long wait time or participating in a less crowded activity that they also enjoy. Which category does this decision best exemplify?

This decision best exemplifies the concept of opportunity cost in microeconomics. Opportunity cost refers to what you give up when you choose one option over another. In this case, if the family decides to wait in line for the popular ride, they are giving up the chance to enjoy a less crowded activity that they also like. This means they need to think about whether the excitement of the ride is worth the long wait compared to having a more relaxed time with less waiting. For example, if they love both the ride and the activity equally, but the ride takes an hour to get on, they must consider if that hour is worth it compared to having instant fun with the other activity.