You decide to go to a party instead of going to work. What would the opportunity cost be?

Question

(1 point)
going to the party
spending time with friends at the party
not getting paid for the work you missed
getting someone to cover your shift at work

Answer 1

The opportunity cost of going to the party instead of going to work would be not getting paid for the work you missed. Opportunity cost refers to what you give up in order to pursue an alternative choice, and in this case, the income you lose by not attending work is the key factor.