Ask Question
BusinessBusiness
27 September, 09:56

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

+1
Answers (1)
  1. 27 September, 11:32
    0
    a. Attending a movie

    Explanation:

    The opportunity cost is the cost or value or the item foregone. That is way opportunity cost is also known as alternative foregone.

    It is also known as the real cost. When the wants are listed in a scale of preference in the order of priority, the limited resources is used to satisfy the first item on the list while the next unfulfilled want is the opportunity cost.

    Therefore, for John, the opportunity cost is attending the movie, option a.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “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 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
What is the interest rate charged per period multiplied by the number of periods per year called? effective annual annual percentage periodic interest compound interest daily interest?
Answers (1)
Eggs have a supply curve that is linear and upward-sloping and a demand curve that is linear and downward-sloping.
Answers (1)
Peyton's Palace has net income of $13.4 million on sales revenue of $114 million. Total assets were $80 million at the beginning of the year and $88 million at the end of the year.
Answers (1)
Braverman Company has two manufacturing departments-Finishing and Fabrication. The predetermined overhead rates in Finishing and Fabrication are $18.00 per direct labor-hour and 110% of direct materials cost, respectively.
Answers (1)
If an investor owns less than 20% of the common stock of another corporation as an investment. a. it is presumed that the investor has relatively little influence on the investee. b. no dividends can be expected. c.
Answers (1)
New Questions in Business
Diane had a plan to improve her responsibility. in order to understand if she has met her goal, she must A. formulate a new goal B. record her progress C. accomplish harder tasks D. ask others for their opinions
Answers (1)
Olivia's employer deducts an amount from her paycheck for the Medicare program. What type of withholding is being deducted from Olivia's paycheck? A) tax exemption B) local withholding C) state withholding D) Social Security withholding
Answers (1)
A popular variation of the accounts receivable turnover is the a. credit risk ratio. b. concentration of credit risk. c. bad debts ratio. d. average collection period.
Answers (1)
When Japan exports goods to the United States, which Country shows a balance of payments credit
Answers (1)
Love Company's accounting records show an after-closing balance of $42,100 in its Retained Earnings account on December 31, 2018.
Answers (1)
Home » Business » 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.
Sign Up Forgot Password?