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Choosing to take the day off over going to work is an example of a(n) _____.
Responses
fixed cost
fixed cost
opportunity cost
opportunity cost
variable cost
variable cost
none of the above
none of the above
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opportunity cost
Explanation: By taking the day off you forgo the wages you would have earned — that's the value of the next-best alternative you gave up, i.e., an opportunity cost.
Explanation: By taking the day off you forgo the wages you would have earned — that's the value of the next-best alternative you gave up, i.e., an opportunity cost.
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