Ask Question
BusinessBusiness
4 July, 22:55

John has two hours of free time this evening. He ranked his alternatives, first go to a concert, second go to a movie, third study for an economics exam, and fourth answer his e-mail. What is the opportunity cost of attending the concert for John?

a. Attending a movie

b. Studying for an economics exam

c. Answering his e-mail

d. Attending a movie, studying for an economics exam, and answering his e-mail

+4
Answers (1)
  1. 5 July, 00:51
    0
    a. Attending a movie

    Explanation:

    The opportunity cost is the cost or value or the item foregone. That is way opportunity cost is also known as alternative foregone.

    It is also known as the real cost. When the wants are listed in a scale of preference in the order of priority, the limited resources is used to satisfy the first item on the list while the next unfulfilled want is the opportunity cost.

    Therefore, for John, the opportunity cost is attending the movie, option a.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “John has two hours of free time this evening. He ranked his alternatives, first go to a concert, second go to a movie, third study for an ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Suppose that a firm is facing an upward-sloping yield curve and needs to borrow money to invest in production. Does this mean that the firm should consider borrowing only at short-term rates? A.
Answers (1)
Social class is a strong predictor of purchases that have symbolic aspects, but low to moderate prices. What is the best example of a product with those characteristics?
Answers (1)
What is 1,000 yen in the usa
Answers (1)
Why national recovery admin set low prices on laundry and tobacco industries?
Answers (1)
Most corporations measure the value of a project in terms of which of the following? A) discount value B) discount factor C) future value (FV) D) present value (PV)
Answers (1)
New Questions in Business
What is the Customer Acquisition Cost? a. Total cost of customers b. Average cost per customer c. The marginal cost of acquiring another customer d. All of the above
Answers (1)
A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,250 of supplies on hand. The general ledger balance before any adjustment is $2,100.
Answers (1)
Your insurance agent is trying to sell you an annuity that costs $230,000 today. By buying this annuity, your agent promises that you will receive payments of $1,225 a month for the next 30 years. What is the rate of return on this investment? A. 3.
Answers (1)
Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $1,100 with his state income tax return for the previous year.
Answers (1)
Teresa has just opened a NOW account that pays 3.50 % interest. If she maintains the account at the required minimum balance of $500 for the next 12 months, how much interest will she earn?
Answers (1)
Home » Business » John has two hours of free time this evening. He ranked his alternatives, first go to a concert, second go to a movie, third study for an economics exam, and fourth answer his e-mail. What is the opportunity cost of attending the concert for John? a.
Sign Up Forgot Password?