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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

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Answers (1)
  1. 5 July, 00:51
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    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.
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