Enter our competition and you could win your share of R500 online shopping voucher for yourself...

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"Enter our competition and you could win your share of R500 online shopping voucher for yourself AND a R10 000 voucher towards a Women's empowerment NGO of your choice!" Mrs Jacobs entered the competition above at Mr Price and won a R500 voucher. With R500, she can either buy a handbag, a pair of shoes, a pair of jeans or jacket. She already has a jacket, and she does not want new shoes. She would like a pair of jeans but decides to buy a handbag. What is her opportunity cost? a) R500 voucher. b) Handbag c) Pair of shoes. d) Pair of jeans. "Enter our competition and you could win your share of R500 online shopping voucher for yourself AND a R10 000 voucher towards a Women's empowerment NGO of your choice!" Mrs Jacobs entered the competition above at Mr Price and won a R500 voucher. With R500, she can either buy a handbag, a pair of shoes, a pair of jeans or jacket. She already has a jacket, and she does not want new shoes. She would like a pair of jeans but decides to buy a handbag. What is her opportunity cost? a) R500 voucher. b) Handbag c) Pair of shoes. d) Pair of jeans.

Answer rating: 100% (QA)

The opportunity cost refers to the value of the next best alter... View the full answer