Your Friend Is Preparing for This Exam and in Your

question 453

Essay

Your friend is preparing for this exam and in your practice session makes the following statement: "Instead of attending microeconomics class for two hours, Kiki could have played tennis or watched a movie. Therefore, the opportunity cost of attending class is the tennis and the movie she had to give up." Is your friend's analysis correct or not? Explain your answer.

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Definitions:

Conservation

In cognitive psychology, the principle that properties of substances such as weight and mass remain the same (are conserved) when superficial characteristics such as their shapes or arrangement are changed.

Irreversibility

A cognitive concept where an individual does not understand that actions can be reversed to return to the original state.

Language Development

The method through which young children acquire the ability to comprehend and express language in their early years.

Imaginary Companions

Fictional friends created by children, which can play a role in their emotional and social development.