Economic Awareness - Sectors of Indian Economy
Which of the following best illustrates the concept of opportunity cost?
Which of the following best illustrates the concept of opportunity cost?
easy Q2 of 15
Step-by-Step Solution
Step 1: Understand opportunity cost
Opportunity cost is the value of the next best alternative foregone when a choice is made.Step 2: Apply to examples
Choosing to watch a movie instead of studying means the opportunity cost is the benefit from studying foregone, which fits the definition.Final Answer:
Choosing to watch a movie instead of studying for an exam → Option DQuick Check:
Opportunity cost = value of next best alternative foregone ✅
Quick Trick: Opportunity cost is what you give up to get something.
Common Mistakes:
MISTAKES- Confusing opportunity cost with actual expenses or savings.
Master "Sectors of Indian Economy" in Economic Awareness
Start learning the concept with an interactive lesson.
Want More Practice?
15+ quiz questions · All difficulty levels · Free
Free Signup - Practice All QuestionsMore Economic Awareness Quizzes