Economics 9708 · AS & A Level · Scarcity, choice and opportunity cost

Scarcity, choice and opportunity cost — practice question

An individual has a meeting scheduled with his bank manager. He can either go to the meeting in his car, or keep the car at home and make the journey by bus followed by train. The journey costs are shown below. $ bus fare 2 train fare 3 car parking charge 4 petrol 2 car wear and tear costs 1 Using this information, what is the opportunity cost to the individual of going by car instead of by bus and train?

  • A$2
  • B$4
  • C$7
  • D$12

Worked solution & mark scheme

This 1-mark question has a full step-by-step worked solution and mark scheme.

  • Full mark scheme, point by point
  • Step-by-step worked solution
  • Write your answer & get it marked instantly by AI