caroline has several options for how to spend her saturday night, listed in order of descending preference…

caroline has several options for how to spend her saturday night, listed in order of descending preference: 1. go to a folk music concert with a friend. 2. get dinner with several of her sorority sisters. 3. go shopping with her mom. caroline can do only one activity. match each activity (on the left) with its opportunity cost (on the right). some items may be used more than once. dinner with sorority sisters shopping with mom folk music concert miss concert miss sorority dinner

caroline has several options for how to spend her saturday night, listed in order of descending preference: 1. go to a folk music concert with a friend. 2. get dinner with several of her sorority sisters. 3. go shopping with her mom. caroline can do only one activity. match each activity (on the left) with its opportunity cost (on the right). some items may be used more than once. dinner with sorority sisters shopping with mom folk music concert miss concert miss sorority dinner

Answer

Brief Explanations:

Opportunity cost is the value of the next - best alternative forgone. When Caroline chooses an activity, the opportunity cost is the activity she would have done next in her preference ranking.

Answer:

  • dinner with sorority sisters: miss concert
  • shopping with mom: miss sorority dinner
  • folk music concert: miss sorority dinner