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?

Question

Quizplus · Accepted Answer

Since John ranked going to a concert as his first choice, the opportunity cost would be giving up his second best alternative, which is going to a movie. Therefore, the best choice for John would be to attend the movie.

John Has Two Hours of Free Time This Evening