Welcome to Westonci.ca, your ultimate destination for finding answers to a wide range of questions from experts. Ask your questions and receive detailed answers from professionals with extensive experience in various fields. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.
Sagot :
Ted quits his $60,000-a-year job to be a stay-at-home dad. 60000 is the opportunity cost of his decision.
What is opportunity cost?
According to microeconomic theory, an activity's opportunity cost is the value or gain that is forfeited in exchange for engaging in that activity as opposed to engaging in an alternative activity. Simply put, it means you forfeit the chance to engage in a different activity if you choose one.
The activity that yields the highest return among all others, net of opportunity costs, is the one that is considered to be the ideal activity. You cannot rent out a car, for instance, if you buy it and use it only for personal transportation. However, if you rent it out, you are not allowed to use it for personal transportation.
To learn more about opportunity cost visit:
https://brainly.com/question/24319061
#SPJ4
We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.
