Dylan went out of town for two weeks to attend his friend’s wedding as well as in the preparations. he could not devote time to his management studies during this period. what cost has he incurred? a. financial opportunity cost b. personal opportunity cost c. hospital expenses d. books cost

The correct answer is B. Personal opportunity cost

Explanation:

In economics, a cost refers to the amount of money or what needs to be paid in exchange for a product, service or benefit. In the case of opportunity cost, this concept refers to the benefits one loses when making a decision; this includes lost benefits in terms of money (financial opportunity cost), and personal life (personal opportunity cost). In this way, in the case presented Dylan has incurred in the personal opportunity cost because by deciding to attend his friend's wedding, he lost the time for studying which is related to his personal life.

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