Which type of cost occurs when an individual pays for a piano lesson instead of going to a movie?

Question

Ashley Fry

Social Studies

2 December, 04:44

Which type of cost occurs when an individual pays for a piano lesson instead of going to a movie?

+2

Answers (1)

Know the Answer?

Draven · Answer 1

This type of cost is called an opportunity cost.

Explanation:

Opportunity cost is the profit lost when one alternative is selected over another. In this case, the individual selects a piano lesson over a movie. One alternative was selected over another.