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Ronnie Waits One Hour in Queue to Buy a Ticket

Question 25

Multiple Choice

Ronnie waits one hour in queue to buy a ticket to a rock concert. The opportunity cost of buying the $28 ticket:


A) is Ronnie's best alternative use of the sum of $28 spent on the ticket.
B) is Ronnie's best alternative use of the one hour it took to wait in queue.
C) is the revenue of $28 earned by the ticket agent.
D) is Ronnie's best alternative use of both $28 and the one hour spent in the queue.
E) cannot be measured because there is no opportunity cost associated with consumption.

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