Illustration based on business opening hours, Business Management

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Business opening hours

a) Opportunity cost refers to the cost of the next best alternative that is foregone in a decision. In this case, it refers to the loss income by not opening supermarkets on Weekends.

b) Illustration of opportunity cost mentioned include

Loss of supermarket sales by not operating on Sundays or weekends or by not operating "24-hour stores".
Banks potentially losing clients on Weekends.
Fines for refusal.

These factors will obviously affect commerce decision making, e.g. whether to do business on Sundays or 24-hour a day.

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