when you choose to spend $25 on a concert ticket instead of a new video game, what is the opportunity cost…

when you choose to spend $25 on a concert ticket instead of a new video game, what is the opportunity cost of this decision? a the time you spent researching the new video game. b the enjoyment and entertainment you gave up by not getting the new video game. c the $25 you spent on the concert ticket. d the feeling of missing out on the concert.

when you choose to spend $25 on a concert ticket instead of a new video game, what is the opportunity cost of this decision? a the time you spent researching the new video game. b the enjoyment and entertainment you gave up by not getting the new video game. c the $25 you spent on the concert ticket. d the feeling of missing out on the concert.

Answer

Brief Explanations:

Opportunity cost is the value of the next - best alternative foregone when a decision is made. In this case, when we choose to buy a concert ticket (spend $25 on it) instead of a new video game, the opportunity cost is what we give up by not choosing the video game. Option A is about the time spent researching the game, which is not the main benefit we give up. Option C is the cost of the concert ticket, not the opportunity cost. Option D is about missing out on the concert, but we are choosing the concert, so that's not relevant. The enjoyment and entertainment from the video game is the benefit we give up, so it's the opportunity cost.

Answer:

B. The enjoyment and entertainment you gave up by not getting the new video game.