The opportunity cost of attending a college basketball game is:

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative foregone when making a choice. Therefore, the opportunity cost of attending a college basketball game is the value of the highest alternative use of your time and money that you gave up to attend the game. Option A is not adequate as it only considers the price of admission, which is only one of the costs incurred. Option B is partially correct, but it only includes the value of the alternative uses of time while at the game, not considering the money spent to attend the game. Option D is irrelevant as the outcome of the game does not affect the opportunity cost incurred.

The Opportunity Cost of Attending a College Basketball Game Is