What Is the Opportunity Cost of Attending a University Basketball

question 77

Multiple Choice

What is the opportunity cost of attending a university basketball game?

• A) the sum of the value of all the alternative uses of your time while at the game
• B) the price of the admission to the game
• C) the value of the highest alternative use of your time and money sacrificed as a result of attending the game
• D) zero if your favourite team wins

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Definitions:

Diminishing Marginal Utility

The decrease in satisfaction or usefulness as additional units of a product are consumed.

Staples

Basic or essential food items or goods that are widely used and regularly consumed by households.

Paper Clips

Tiny segments of twisted wire or plastic designed to keep pages of paper attached.

Marginal Utility

The additional satisfaction or utility a consumer receives from consuming one additional unit of a good or service.