Principles of Microeconomics, 7th Edition

Published by South-Western College
ISBN 10: 128516590X
ISBN 13: 978-1-28516-590-5

Chapter 1 - Part I - Ten Principles of Economics - Quick Check Multiple Choice: 2


c. the total cash expenditure needed to go to the movie plus the value of your time

Work Step by Step

The opportunity cost of an item is whatever needs to be given up in order to obtain that item. In the case of going to the movies, the opportunity cost is the cost of the ticket (which could have been used to buy other items) and the time required to go to the movies (which could have been used to do something else).
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