When computing the opportunity cost of attending a basketball game 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.

Question

Quizplus · Accepted Answer

When computing opportunity cost, it is important to consider both the explicit cost (the price of the ticket) as well as the implicit cost (the value of your time). Attending the basketball game means you are giving up potential income that could have been earned during that time, and therefore the value of your time is a relevant factor in computing the opportunity cost.

When Computing the Opportunity Cost of Attending a Basketball Game