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 email.What is the opportunity cost of attending the concert for John?
A)Answering his email
B)Going to the concert because that is what John chose to do
C)Attending a movie
D)Attending a movie,studying for an economics exam,and answering his email
E)Studying for an economics exam

Question

Quizplus · Accepted Answer

The opportunity cost is the value of the next best alternative foregone, which in this case is attending a movie.

John Has Two Hours of Free Time This Evening