If you spend an hour practicing piano instead of doing homework, what is the opportunity cost?

If you spend an hour practicing piano instead of doing homework, what is the opportunity cost?

• A. An extra hour of practice time
• B. The memory of the piece learned
• C. An hour of homework time
• D. A free snack

Answer: (C)

Opportunity cost is the value of the next best use of your time when you make a choice. If you spend an hour practicing piano instead of doing homework, you give up the chance to do homework during that hour, so the opportunity cost is an hour of homework time. The gains from practicing are the benefit of that activity, but the cost is what you sacrificed. The other ideas describe outcomes of the chosen activity or something unrelated, rather than what was foregone.

Opportunity cost is the value of the next best use of your time when you make a choice. If you spend an hour practicing piano instead of doing homework, you give up the chance to do homework during that hour, so the opportunity cost is an hour of homework time. The gains from practicing are the benefit of that activity, but the cost is what you sacrificed. The other ideas describe outcomes of the chosen activity or something unrelated, rather than what was foregone.