Lucinda purchased a raffle ticket for $29. Just before the grand prize drawing, two people tried to buy her ticket. The first person offered $130, and another offered $165. What is Lucinda's opportunity cost of keeping the raffle ticket?
Economics deals with the studies of how individuals or nations produce, consume, buy, or sell goods and services given that economic resources are scarce. It also deals with giving up for something called the opportunity cost.
Answer and Explanation: 1
The correct answer is option d. $165.
Always remember that when we are talking opportunity cost, we are talking about the value of the best...
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fromChapter 1 / Lesson 6
Learn what is opportunity cost, including the opportunity cost definition, assessment and examples. See how to calculate opportunity cost using the formula.