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

Question

BlackTom AI · Accepted Answer

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, not multiple activities. Since the problem states he would have cooked dinner if not at the concert, the relevant forgone value is not the sum of both activities.
Option 2: "cooking dinner." This matches the scenario described: if he hadn’t gone to the concert, he would have cooked his Thanksgiving dinner, so the value of that forgone dinner is the opportunity cost of attending the concert.
Option 3: "the time it took to attend the concert." Time itself is not the value you forgo; rather, it is the resource used. The opportunity cost focuses on the alternative use of that time (what you could have done with it) and, per the prompt, the stated alternative he would have chosen is cooking dinner, not merely the consumption of time.
Option 4: "watching TV." While watching TV is another possible alternative, the problem indicates his stated forgone activity is cooking dinner. If cooking dinner is identified as the next best alternative, that would trump the TV option in this context; hence watching TV is not the correct opportunity cost here.
In summary, the opportunity cost is the value of the next best alternative forgone when choosing to attend the concert, which, according to the prompt, is the act of cooking the Thanksgiving dinner.

ECON 2002.01 AU2025 (21333) Final Exam- Requires Respondus LockDown Browser

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

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ECON 2002.01 AU2025 (21333) Final Exam- Requires Respondus LockDown Browser

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

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