Set 4: Command of Evidence
Explanation
PASSAGE
Economists define 'opportunity cost' as the value of the next best alternative that is foregone when a choice is made. For example, if you spend an hour studying, the opportunity cost might be the hour of leisure you gave up.
What does the example illustrate about opportunity cost?
Detailed Explanation
This question requires you to identify evidence that supports a claim. The core concept is 'the value of the next best alternative that is foregone.' Choice requires sacrifice, illustrated by the study vs. leisure example. The best evidence directly and explicitly supports the stated claim without requiring assumptions. Match specific textual details or data points to the claim being made. The correct answer provides clear, direct support. Strong evidence directly addresses the claim without requiring additional interpretation. When evaluating options, look for quotes or data that explicitly support the statement. Weak evidence may be tangentially related but doesn't provide direct proof.
Key Evidence:
• "foregone when a choice is made"
Why others are wrong: A (The example doesn't evaluate which has more value.), B (This option is incorrect.), D (The example involves time, not money.).
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