The wages from a job a student gives up to attend summer school would be a sunk cost. False, it is an opportunity cost. The opportunity cost is the potential foregone profit from a missed opportunity.
The opportunity cost is the cost of the alternative that we waive when we make a certain decision, including the benefits that we could have obtained from having chosen the alternative option.
In economics, the opportunity cost is explained by the conflict of choice that an economic agent has in a scenario of scarcity, that is, when one can not have at the same time the objects of choice.
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