You bought a non-refundable ticket to a movie you really wanted to see. You’ve been waiting for days maybe even weeks for the movie to open. A friend has an extra ticket to see your favorite artist in concert and you get to go for FREE! What is your opportunity cost of going to the concert? a) nothing - it's FREE!
b) seeing the movie
c) spending time with your friend
d) the cost of the movie ticket

The correct answer is:

a) nothing - it's FREE

Explanation:

opportunity cost refers to the benefit forgone in other to benefit from another alternative.

In this example, the opportunity cost is "nothing", since it was not stated that attending the concert will deprive you of attending the movies when it eventually opens. The concert and the movie do not occur at the same time, hence there is no opportunity cost for attending the concert in place of the movie.

However, if attending the concert meant not being able to attend the movie, then the opportunity cost would have been the cost of the movie ticket.

answer; observing;

answer; regard the action of other people negatively;