Cryptocurrency Q&A
What is an example of an opportunity cost statement?
What is an example of an opportunity cost statement?
IncheonBeautyBloomingRadianceGlow
Wed Jan 22 2025
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6
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I'm trying to understand opportunity cost better. Could you provide me with an example of an opportunity cost statement? I want to see how it's framed in a real-life context.
6 answers
KimonoElegant
Thu Jan 23 2025
The $20 could have been utilized for various other purposes, such as purchasing textbooks or groceries.
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LightningStrike
Thu Jan 23 2025
Similarly, a farmer faces an opportunity cost when deciding to plant wheat.
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SsamziegangSerenadeMelodyHarmonySoul
Thu Jan 23 2025
A student allocates three hours and $20 to watching movies the night before an exam.
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alexander_jackson_athlete
Thu Jan 23 2025
This decision entails an opportunity cost, as the time and money could have been used differently.
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JejuJoyfulHeart
Thu Jan 23 2025
By choosing wheat, the farmer forgoes the possibility of planting a different crop or using the land and farm equipment for another purpose.
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