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Explain true or false.
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- True or False Opportunity costs are roughly the same for everyone who attends college.describe an important of trade-off you recently faced. Give an example of some action that has both a monetary and nonmonetary opportunity cost.How does the concept of opportunity cost apply to personal decisions when you have limited income and time? Provide an example.
- Whether the statement, 'A nonrefundable cash outlay (e.g., money spent on a passport) is an example of an opportunity cost', is true or false?Every decision has an Opportunity Cost due to the nature of scarcity, there is always a better alternative not chosen, therefore, there is always an opportunity cost. “The opportunity cost of an alternative is what you give up to pursue it” (Froeb, McCann,Shor & Ward, 2016). When you go to a Maroon 5 concert, you give up $100 of benefits you would have received if you had gone to a Beyoncé concert. Also, you would also avoid $80 of cost for the Beyoncé concert. According to the definition below, the opportunity cost of seeing Maroon 5 concert is $100 - $80 = $20. Please delve into the statement there are always opportunity costs. How can an individual make the best decision? Is there a best decision? Would one miss an opportunity not attending one of the concerts? Include a minimum of one reference.Identify the types of opportunity cost that people often undervalue,and explain why undervaluing them distorts decision making.
