Robert Redbird is interested in attending a concert next weekend. Unfortunately, he is scheduled to work. If he finds a substitute for his shift so he can attend the concert, what kind of cost is he incurring

Opportunity cost

Explanation:

A value of something that should be given up to get something else is called opportunity cost. Almost all resource can have alternative uses and every choice, action and decision has an opportunity cost.

In simple terms it is the loss of profit if one alternative is selected over other. It is an important concept of economics that describes the relationship between the scarcity and choice. Whenever we make a choice we weigh the opportunity cost of our action. It is not just the monetary cost of our decision but can include loss of pleasure, utility.