Which type of cost occurs when an individual pays for a piano lesson instead of going to a movie?

Question

Social Studies

Evangeline

26 January, 07:10

Which type of cost occurs when an individual pays for a piano lesson instead of going to a movie?

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Answers (1)

Know the Answer?

Robert Hardin · Answer 1

This type of cost is called an opportunity cost.

Explanation:

Opportunity cost is the profit lost when one alternative is selected over another. In this case, the individual selects a piano lesson over a movie. One alternative was selected over another.