Question

Bobby is speaking to his friend and says, "this musical is going to cost me $60 when I buy the ticket." His friend corrects him and says, "actually, this concert will cost you more than $60 since you have to miss work." His friend is referring to the _________________.
Select the correct answer below:

a)economies of scale
b)budget constraint
c)opportunity cost
d)opportunity set

Answer 1

Answer:

c)opportunity cost

Explanation:

As Bobby is missing the job, it has to add up to the ticket cost the amount of labor wages lost during the concert and going bach and forth from his workplace.

That's because if Bobby didn't attend the concert it may have worked therefore, it will end with more han 60 dollars in his pocket.

The difinition for opportunity cost is the best alternative rejected. In this case is the wages against going to the musical