Asked by
Mariana Anghel
on Nov 17, 2024
Verified
The opportunity cost of working out for one hour is the value of the next-best activity that you could have done in that hour.
Opportunity Cost
The forgone benefit that would have been derived by an option not chosen.
Next-best Activity
The alternative that must be forgone to engage in a particular activity, representing the opportunity cost of that decision.
- Delve into the considerations driving consumer decisions and the notion of opportunity cost.
Verified Answer
RA
Learning Objectives
- Delve into the considerations driving consumer decisions and the notion of opportunity cost.