The opportunity cost of deciding to go to a party instead of going to work would be not getting paid for the work you missed.
The opportunity cost of going to a party instead of going to work would be not getting paid for the work you missed. Opportunity cost refers to the value of the next best alternative that you give up when making a decision. In this scenario, the next best alternative to going to the party would be going to work and earning a paycheck. By choosing to go to the party instead, you are foregoing the potential earnings from work.
