A museum has one gallery available for a summer exhibition and can stage only one of three proposals. It selects an exhibition of local paintings. The managers expect an industrial history exhibition to provide greater benefits than a photography exhibition.
Which of the following is the opportunity cost of selecting the local paintings exhibition?
Extra benefits of industrial history over photography
Benefits from the industrial history exhibition
Benefits from the photography exhibition
Combined benefits from both rejected exhibitions
81 exam-style questions on AQA GCSE Economics 1.1 Economic foundations, covering 1.1.1a Needs and wants, 1.1.1b The central purpose of economic activity, 1.1.1c Key economic decisions, 1.1.1d The main economic groups, 1.1.2a The nature of an economic resource, 1.1.2b The four factors of production, 1.1.3a The basic economic problem and making choices, and 1.1.3b Opportunity cost. Each one has a worked solution and a mark scheme showing where the marks go.