select the correct answer. nick won a $1,000 lottery prize. he cant decide what he should spend the money…

select the correct answer. nick won a $1,000 lottery prize. he cant decide what he should spend the money on. for some time now, he has been planning to buy a gaming console, a bicycle, and a watch. but he also needs to save money for an overseas trip in the future. he can give up the bicycle and the watch, but he really wants that gaming console. on the other hand, he also wants to experience a foreign culture. in the end, he decides to save the whole amount for the trip. 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 should spend the money on. for some time now, he has been planning to buy a gaming console, a bicycle, and a watch. but he also needs to save money for an overseas trip in the future. he can give up the bicycle and the watch, but he really wants that gaming console. on the other hand, he also wants to experience a foreign culture. in the end, he decides to save the whole amount for the trip. 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 buying a gaming console, a bicycle, and a watch to save for the trip. Among these, the gaming console is the most valuable alternative he gives up as he really wants it.

Answer:

B. gaming console