select the correct answer. nick won a $1,000 lottery prize. he cant decide what he console, a bicycle, and a…

select the correct answer. nick won a $1,000 lottery prize. he cant decide what he console, a bicycle, and a watch. but he also needs to sa he can give up the bicycle and the watch, but he really culture. in the end, he decides to save the whole amount which item is the opportunity cost of nicks trip? a. bicycle b. gaming console c. overseas trip d. $1,000

select the correct answer. nick won a $1,000 lottery prize. he cant decide what he console, a bicycle, and a watch. but he also needs to sa he can give up the bicycle and the watch, but he really culture. in the end, he decides to save the whole amount which item is the opportunity cost of nicks trip? a. bicycle b. gaming console c. overseas trip d. $1,000

Answer

Brief Explanations:

Opportunity cost is the value of the next - best alternative forgone. Nick gives up the gaming console, bicycle, watch and overseas trip to save the money. Since he really wants the overseas trip and gives it up to save, the overseas trip is the opportunity cost.

Answer:

C. overseas trip