The opportunity cost of attending a concert would include:
A)the price you paid for the ticket and the value of your time.
B)the price you paid for the ticket, but not the value of your time.
C)the value of your time, but not the price you paid for the ticket.
D)neither the price of the ticket nor the value of your time.

Question

The opportunity cost of attending a concert would include:
A)​the price you paid for the ticket and the value of your time.
B)​the price you paid for the ticket, but not the value of your time.
C)​the value of your time, but not the price you paid for the ticket.
D)​neither the price of the ticket nor the value of your time.

Quizplus · Accepted Answer

Opportunity cost is the value of the next-best alternative that must be foregone in order to pursue a particular action. In this case, attending the concert requires not only paying for the ticket but also spending time at the event. Therefore, the opportunity cost includes both the price of the ticket and the value of the time spent at the concert instead of doing something else.

The Opportunity Cost of Attending a Concert Would Include