John has two hours of free time this evening. He ranked his alternatives, first go to a concert, second go to a movie, third study for an economics exam, and fourth answer his e-mail. What is the opportunity cost of attending the concert for John?
A)attending a movie
B)studying for an economics exam
C)answering his e-mail
D)attending a movie, studying for an economics exam, and answering his e-mail
E)going to the concert because that is what John chose to do.

Question

Quizplus · Accepted Answer

The opportunity cost of attending the concert is the next best alternative that John has to give up, which is attending a movie.

John Has Two Hours of Free Time This Evening