Jack has a ticket to see Daughtry for which he paid $30 yesterday. He takes an unpaid day off from work to get ready for the concert. When he arrives at the concert, five different people offer him $70 for his ticket. Jack decides to keep his ticket. At the time he makes this decision, his opportunity cost of seeing Daughtry is:

Question

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At the time he makes his decision, the ticket price and the lost day's pay are sunk costs. Keeping the ticket requires sacrificing the $70 he was offered for it.

Jack Has a Ticket to See Daughtry for Which He