Ali Decides to Attend the One-Hour Review Session for Microeconomics

question 214

Multiple Choice

Ali decides to attend the one-hour review session for microeconomics instead of working at his job.His job pays him $10 per hour.Ali's opportunity cost of attending the review session is

• A) the $10 he could have earned at his job.
• B) the value of the session minus the $10 he could have earned at his job.
• C) nothing, because the review session does not cost anything.
• D) equal to the benefit he gets from the review session.
• E) the one-hour review session.

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Definitions:

Time Units

Basic units of measure (seconds, minutes, hours, days, etc.) used to quantify durations or intervals of time.

Material Requirements Planning

A system for effectively managing manufacturing processes by calculating the materials and components needed to produce a product.

Timetable

A schedule showing the times at which particular events or activities are intended to happen or take place.

Master Schedule

An outline that details the what, when, and how much for the production of products to meet demand.