Select the correct text in the passage.

What is the opportunity cost in this scenario?

Harry has been very busy at work for the past two weeks. He has been working weekends too. Finally, he is going to get av

Originally, he planned to paint his apartment that weekend. He also considered going fishing for the weekend.

But then his parents called and asked him to come for dinner because it has been a while since they have seen each other

Later on, his friend Theo informed him about a surprise birthday party for another friend. Theo plans to reserve a room at

celebration, with the cost to reserve the room split between Theo, Harry, and three other friends.

Now Harry is confused about what he should do over the weekend. He decides that, for him, the most important commitme

his parent's house and attending his friend's birthday party. In the end, Harry decides to see his parents

Question

Starbuck

Social Studies

12 October, 07:52

Select the correct text in the passage.

What is the opportunity cost in this scenario?

Harry has been very busy at work for the past two weeks. He has been working weekends too. Finally, he is going to get av

Originally, he planned to paint his apartment that weekend. He also considered going fishing for the weekend.

But then his parents called and asked him to come for dinner because it has been a while since they have seen each other

Later on, his friend Theo informed him about a surprise birthday party for another friend. Theo plans to reserve a room at

celebration, with the cost to reserve the room split between Theo, Harry, and three other friends.

Now Harry is confused about what he should do over the weekend. He decides that, for him, the most important commitme

his parent's house and attending his friend's birthday party. In the end, Harry decides to see his parents

+5

Answers (1)

Know the Answer?

Jamie Frye · Answer 1

The opportunity cost in the given scenario are the three opportunities that Harry lost.

Explanation:

The opportunity cost is the preference the person had to sacrifice in order to gain other alternatives. It can also be called alternative cost.

In the given scenario, Harry thought of painting his house over the weekend. He also thought of going for fishing. His parents were also insisting him to visit them that weekend. After receiving call from his friend, Theo, he also had an alternative to attend his friend's birthday party.

Out of the four alternatives he had, Harry chose to visit his parents. So, the opportunity cost would be the other three alternatives he had to do at the weekend, i. e. painting his house, going for fishing and friend's birthday party.