When computing the opportunity cost of attending a basketball game, you should include a. the price you pay for the ticket, but not the value of your time. b. the price you pay for the ticket and 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.

Question

Jethro

Social Studies

7 August, 19:56

When computing the opportunity cost of attending a basketball game, you should include a. the price you pay for the ticket, but not the value of your time. b. the price you pay for the ticket and 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.

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Answers (1)

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Greyson Ochoa · Answer 1

Answer: b) the price you pay for the ticket and the value of your time.

Explanation: The opportunity cost of any product is related with the loss of the potential gain that is achieved by electing the other alternative. The basketball game should be evaluated on the basis of time and the cost (price).

Other options are incorrect because price and time both are getting involved in watching the football match. The person could have spent the time on other task instead of this game and also money could have been spent on something else. Thus, the correct option is option (b).