One of your classmates is reading the self-study notes for preparing for AF3625 examination and she makes the following statement: "Instead of reading the self-study notes for two hours, I could have gone shopping or watched a TV program. Therefore, the opportunity cost of reading the self-study notes is the shopping and the TV program that I have to give up."  Justify whether the statement made by your classmate is correct or not. Explain your answer.

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IN ECONOMICS WE CONSIDER VALUE CREATED IF VALUE CREATION IS MO... View the full answer