Questions
ECON 2002.01 AU2025 (21333) Final Exam- Requires Respondus LockDown Browser
Single choice
During the time when he was at the concert, Jeff could instead have cooked his Thanksgiving dinner or watched TV. He thinks that if he hadn’t gone to the concert, he would have cooked his dinner. His opportunity cost of attending the concert is the value of
Options
A.cooking his dinner and watching TV.
B.cooking dinner.
C.the time it took to attend the concert.
D.watching TV.
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Step-by-Step Analysis
Consider the concept of opportunity cost: it is the value of the next best alternative forgone by choosing a particular action.
Option 1: " +
""cooking his dinner and watching TV." This would be the combined value of two alternatives, but opportunity cost typically refers to the single next best alternative, n......Login to view full explanationLog in for full answers
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