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, studying for an economics exam, and answering his e-mail
B)studying for an economics exam
C)going to the concert because that is what John choose to do
D)answering his e-mail
E)attending a movie

Question

Quizplus · Accepted Answer

The opportunity cost is the next best alternative foregone, which in this case is attending a movie, as it is John's second choice after the concert.

John Has Two Hours of Free Time This Evening