ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Benjamin has saved $40.00 for concert tickets, but decides to buy a new pair instead. In this scenario, what do the concert tickets MOST LIKELY represent?
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capital
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scarcity
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opportunity cost
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decreased demand
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Explanation:
Detailed explanation-1: -The opportunity cost will be the time foregone spent at home instead of time for reaching the concert and then attending the concert and the time to reach home afterward.
Detailed explanation-2: -Opportunity Cost. It is within the context of scarcity that economists define what is perhaps the most important concept in all of economics, the concept of opportunity cost. Opportunity cost is the value of the best alternative forgone in making any choice.
Detailed explanation-3: -Whatever you would choose to do instead of washing dishes is the opportunity cost. It is the best alternative.
There is 1 question to complete.