George was assigned to read a chapter in economics tonight, but he has a math exam tomorrow. He chooses to study for the math exam and postpone his economics studies until after the exam. What is the opportunity cost of George's decision?
A) The lower math grade he would have received had he not studied for the math exam
B) The economics knowledge he sacrificed by not reading the assigned chapter
C) Both A and B above
D) Without information regarding the price of the textbook and the value to George of the math exam, George's opportunity cost cannot be determined.
B
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Given the availability of California oranges, demand for Florida oranges will
a. be less elastic than if there were no California oranges b. be more elastic than if there were no California oranges c. have the same elasticity as it would if there were no California oranges d. be perfectly elastic e. be perfectly inelastic
There have been no major banking panics in the U.S. since the creation of the Federal Reserve System
a. True b. False