Opportunity Cost: Definition, Calculations & Examples


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question 1 of 3

Which of these is NOT an explicit cost to a firm?

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Consider Keegan who works for $15 an hour. Instead of working one day, he went to watch a movie that costs $35 and lasts two hours.

Decide which of the following statements is true?

2. What is opportunity cost?

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About This Quiz & Worksheet

This quiz and worksheet will test your knowledge of opportunity cost. The quiz will also assess your understanding of concepts like explicit cost and utility in economics.

Quiz & Worksheet Goals

Use these assessment tools to:

  • Define opportunity cost
  • Utilize opportunity cost in real-world situations
  • Recognize implicit cost

Skills Practiced

This worksheet and quiz let you practice the following skills:

  • Reading comprehension: ensure that you draw the most important information from the related lesson on opportunity cost
  • Critical thinking: apply relevant concepts to examine information about utility in a different light
  • Distinguishing differences: compare and contrast topics from the lesson, such as implicit and explicit

Additional Learning

To learn more about opportunity cost, review the lesson on Opportunity Cost: Definition, Calculations, and Examples. The lesson covers the following objectives:

  • Define utility
  • Apply the uses of explicit and implicit costs in real-world circumstances
  • Understand why utility is important in terms of economics