Someone in the class would love to go Tanzania. In fact, she would be willing to

Question

Someone in the class would love to go Tanzania. In fact, she would be willing to pay $5,000 to go, but it would only cost her $3,500. Knowing what we know, the best description of her opportunity cost of going to Tanzania would be which of the following O A What she could buy with $5,000 and what she would do with her time instead of going. B What she could buy with the S5.000 only. O c What she could buy with $3,500 and what she would do with her time instead of going O D What she could buy with $3,500 only.

Explanation / Answer

ANSWER:

The correct answer is option a as her opportunity cost will include $5,000 that she is willing to pay and the time she could spend elsewhere and $3,500 will be her explicit cost.

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