Tim woke up this morning with a stomachache and decided to skip class so he could get more rest. What is the opportunity cost of Tim's decision to sleep in?

the value of attending the class he decided to miss

Explanation:

Opportunity cost is defined as the forgone alternative an individual has missed as a result of taking an action.

In economics both the actual cost of an activity and the opportunity cost are considered when analysing economic activity.

In the given scenario Tim decided to skip class so he can get more rest. This is the actual activity chosen.

However the value of the class missed is the forgone alternative. So this is the opportunity cost

a

explanation:

reducti0n

\

answer; /// blank(1); increases; blank(2); decreases;