You Are Given a Ticket to a Bob Dylan Concert

question 185

Multiple Choice

You are given a ticket to a Bob Dylan concert with a face value of $50. You only value the ticket at $40, sell it to a friend for $40, and attend a U2 concert priced at $60. The opportunity cost of attending the U2 concert is:

• A) $20 worth of alternative goods and services.
• B) $40 worth of alternative goods and services.
• C) $50 worth of alternative goods and services.
• D) $60 worth of alternative goods and services.

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Definitions:

Self-Censorship

The act of censoring or withholding one's opinions, feelings, or concerns, especially in a group setting, due to anticipated negative response or judgement from others.

Atmosphere of Unanimity

A situation in decision-making groups where a consensus is assumed or imposed, and dissenting views are minimized or ignored, potentially leading to poor decisions.

Desire for Success

The motivation to achieve goals and attain a high level of performance or accomplishment.

Symptom of Groupthink

A sign or manifestation of groupthink, which is the practice of thinking or making decisions as a group in a way that discourages creativity or individual responsibility.