You can buy a season ticket to the Metropolitan Opera for $800. A season ticket plan to see the New York Knicks is $1,600. Which of the following is a CORRECT statement?

Question

Quizplus · Accepted Answer

The opportunity cost of choosing one option over another is what is given up by not choosing the second option. In this case, for every Knicks ticket you buy, you give up the opportunity to buy 2 opera tickets ($1600 for Knicks vs. $800 for opera), making the opportunity cost of a Knicks ticket 2 opera tickets.

You Can Buy a Season Ticket to the Metropolitan Opera