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Mr. Scott is hungry so he decides to go to the vending machine. He considers buying a bag of chips, a cookie, and a Snickers bar. However, he only has enough money to buy one of those items. If he decides to buy the Snickers bar, what is his opportunity cost?

Sagot :

francocanacari

Answer:

If he decides to buy the Snickers bar, his opportunity cost is not to buy the bag of chips or the cookie.

Explanation:

Opportunity costs are the costs of an economic choice expressed in terms of the best missed opportunity: it values ​​the unrealized return of the best possible alternative compared to the final decision made.

When a person strives to satisfy his needs in times of scarcity, he has to make choices between different options. The choices made thus have an opportunity cost. The opportunity cost of a particular choice indicates what the decision-maker who made the choice has to give up when he decides to use his limited resources to implement the option he has chosen.

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