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The value of the most important thing you give up when you make a decision (the next best alternative) is...
Opportunity Cost
Net Worth
If you don’t really care about the option you didn't choose, the opportunity cost is low.
True
False
Every time you make a decision, there’s a list of tradeoffs you make
True
False
The lowest value tradeoff is your opportunity cost
True
False
Charles goes to Gamestop with only $50. They have the new Call of Duty for $49.99 or a sale on controllers for $35. Since the controller was on sale, he decides to buy it. What is the opportunity cost?
Melvin went to Sizzlers. He wanted to buy lobster, but discovered that there was a $25 special of steak and shrimp. He decides to order that instead. What is the opportunity cost?
Albert decides to go to tutoring instead of an extra basketball practice. What is the opportunity cost?
Carlos wins two tickets to this year’s Super Bowl. Since he is a 49ers fan, he decides to take four days off of work. What is the opportunity cost?
Mrs. Prince has $50 and she goes to Macy’s. They have a dress on sale for $45 and a pair of shoes on sale for $48. The shoes were originally $150, so she buys them. What is the opportunity cost?
