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After reading each scenario below, identify the opportunity cost and tradeoff, if there is one.

The county commission has to decide what to do with their funds. They vote as follows:
- 5 votes for a skate park
- 3 votes for a statue dedicated to Superman
- 2 votes for a new gerbil daycare

- Superman statue
- Gerbil daycare
- Skate park

Drag the Opportunity Cost here: ___________________

If there is a Tradeoff, drag it here: ___________________



Answer :

GinnyAnswer

Final answer:

The opportunity cost in the scenario is the next best alternative given up, while the tradeoff involves choosing one option over another.


Explanation:

Opportunity Cost: The opportunity cost in this scenario is the most desirable alternative given up, which is the next best option to what was chosen. In this case, if the county commission decides to fund a skate park, the opportunity cost would be the Superman statue or the gerbil daycare.

Tradeoff: The tradeoff here is the decision-making process of selecting one option over another. By choosing to fund the skate park, the tradeoff is giving up the opportunity to fund the Superman statue or the gerbil daycare.


Learn more about Opportunity Cost and Tradeoff here:

https://brainly.com/question/33084331


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