Asked by
Simone Valencia
on Oct 13, 2024Verified
Jeff's entertainment budget is divided between $8 movie tickets and $40 hockey tickets.The opportunity cost to Jeff of going to an extra hockey game is
A) four fewer $10 pizzas.
B) five movies.
C) 20 DVD rentals (costing $2 each) .
D) all of the choices are true.
Opportunity Cost
The cost of foregone alternatives, representing the benefits that could have been received by choosing the next best alternative.
Entertainment Budget
The allocation of funds set aside specifically for activities related to entertainment.
Hockey Tickets
Tickets purchased for the purpose of attending a hockey game.
- Understand the fundamental principle of opportunity cost and its real-world applications in making decisions.
Verified Answer
YM
Learning Objectives
- Understand the fundamental principle of opportunity cost and its real-world applications in making decisions.