Question Completion Status: QUESTION 2 The following is my preference ranking (o

Question

Question Completion Status: QUESTION 2 The following is my preference ranking (option 1 being preferred to option 2 and option 2 being preferred to option 3 ar so on) of things I would like to do on a Saturday afternoon (though I only have the time and resources to accomplish on them) 1. Go to the DC United game 2. Install new brakes on my Peugeot bicycle 3. Go swimming 4. Join a fight club Assume that each option requires $20. What is the opportunity cost of going to the DC United game? The price of the ticket to attend the game Installing brakes on my bicycle Going swimming Joining a fight club Installing brakes on my bicycle, going swimming, and joining a fight club QUESTION 3

Explanation / Answer

Ans: Installing brakes on my bicycle.

Explanation:

Opportunity cost refers to the sacrifice of the next best alternative when you choose the best alternative. Here in the question it is already given that your first or best preference is option 1, i.e., going to the DC United game. The second preference or next best preference is installing brakes on the bicycle. Therefore, when you prefer to go to DC United game, you have to forgo installing brakes on your bicycle. Thus, the opportuniy cost of going to the DC United game is installing brakes on your bicycle.

Thus, the option [2] is correct answer.

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.