Asked by
Lizeth Murillo
on Nov 17, 2024
Verified
When computing the opportunity cost of attending a professional football game as a spectator, you should include
A) the price you pay for the ticket and the value of your time.
B) the price you pay for the ticket, but not the value of your time.
C) the value of your time, but not the price you pay for the ticket.
D) neither the price of the ticket nor the value of your time.
Opportunity Cost
The cost of foregoing the next best alternative when making a decision or choice.
Ticket Price
The cost charged for admission to an event or access to a service.
Value Of Time
The economic worth assigned to time, reflecting what is foregone in engaging in a particular activity versus alternative uses.
- Discover and quantify the opportunity cost pertinent to various selections.
Verified Answer
AH
Learning Objectives
- Discover and quantify the opportunity cost pertinent to various selections.