When computing the opportunity cost of attending a basketball game, you should include a. the price you pay for the ticket, but
not the value of your time. b. the price you pay for the ticket and the value of your time. c. the value of your time, but not the price you pay for the ticket. d. neither the price of the ticket nor the value of your time.
Answer: b)the price you pay for the ticket and the value of your time.
Explanation: The opportunity cost of any product is related with the loss of the potential gain that is achieved by electing the other alternative .The basketball game should be evaluated on the basis of time and the cost(price).
Other options are incorrect because price and time both are getting involved in watching the football match.The person could have spent the time on other task instead of this game and also money could have been spent on something else.Thus, the correct option is option(b).
The contract is likely to be voidable because it was formed
as a result of undue influence. Undue influence is being defined as an
individual’s way of influencing others by means of having them to induced them
rather than using their own free will or they are influenced without their full
attention that can lead to certain consequences.
