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Ricardo works part time at a local computer store. One day, his manager approaches him about moving from cashier to floor supervisor. Ricardo is excited because the promotion comes with a raise; however, the extra work hours would take away from time with his friends. In the end, he decides to take the promotion.

What is Ricardo’s opportunity cost?


losing extra time to spend with his friends
being able to use the extra money for summer football camp
losing the ability to spend any time with his friends
receiving another promotion in six months

Respuesta :

palebadgworthy

The correct answer is "losing extra time to spend with his friends".

The opportunity cost is an economic concept defined as the loss of benefits (earnings, resources, etc) that an individuals experiences when choosing one option over another. In this case, Ricardo chooses the promotion as he considers it as the best option available, but he is renouncing to having the extra time available to spend it with his friends as he did before, as now he will have to spend that time at work.

Hence, in this example the benefit loss is quantified in terms of time.

Martebi

From the above scenario, Ricardo is losing the ability to spend any time with his friends.

What is opportunity cost?

The opportunity cost of a resource is known to be the amount or value of the next-highest-valued form of alternative use of that specific resource..

Opportunity cost is also regarded as the forgone gains that one could or would have gotten from an option that was not chosen as in the case with Ricardo.

learn more about  opportunity cost from

https://brainly.com/question/481029