Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
$200, the money she would have earned
B
$100, the cost of the concert
C
$300, the total of both opportunities
D
$0, since she enjoys the concert more
Understanding the Answer
Let's break down why this is correct
Answer
Opportunity cost is the value of what you give up when you make a choice. In Maria's case, if she decides to go to the concert, she will miss out on earning $200 from the project. The concert costs $100, so while she spends that money, the real cost of her choice is the $200 she could have earned. Therefore, her opportunity cost is $200, which is the income she forgoes by not working on the project. This helps us understand the true cost of our decisions, not just the money spent but also the benefits we miss out on.
Detailed Explanation
Opportunity cost is what you give up when you make a choice. Other options are incorrect because This answer confuses cost with opportunity cost; This answer adds both amounts together.
Key Concepts
Opportunity Cost
Trade-offs
Resource Allocation
Topic
Opportunity Cost Analysis
Difficulty
medium level question
Cognitive Level
understand
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