The opportunity cost of watching a movie is the:

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BlackTom AI · Accepted Answer

The question asks: The opportunity cost of watching a movie is the: 
Option a: 'a. dollar cost of a movie ticket plus enjoyment from watching a movie' This is incorrect because opportunity cost is not about the price paid for the ticket or the enjoyment gained; it measures what you give up elsewhere, not the explicit monetary cost or the benefit received.
Option b: 'b. dollar cost of a movie ticket' This answer ignores the value of the next best alternative forgone. While the ticket price is a cost you incur, opportunity cost focuses on the next best alternative you could have chosen instead, not just the monetary expense.
Option c: 'c. alternatives forgone, such as studying and fishing' This is on the right track by mentioning forgone alternatives, but it is vague and lists examples rather than pinpointing the specific next best option. Opportunity cost is the value of the next best alternative, whatever that may be for the individual.
Option d: 'd. the next best alternative option forgone' This is the precise definition of opportunity cost: what you sacrifice by choosing the movie instead of the best alternative activity you could have pursued.
Option e: 'e. the second best alternative forgone' This is subtly incorrect because the opportunity cost is the value of the next best (i.e., the best alternative), not necessarily the second-best option.
In summary, the concept of opportunity cost centers on the value of the best alternative that is foregone when a choice is made, which aligns with option d.

ECON5258-Intro Econ & Data Analysis - T3/2024

The opportunity cost of watching a movie is the:

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ECON5258-Intro Econ & Data Analysis - T3/2024

The opportunity cost of watching a movie is the:

View Explanation

Log in for full answers

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