Question

Benjamin has saved $40.00 for concert tickets, but decides to buy a new pair of jeans instead. In this scenario, what do the concert tickets MOST LIKELY represent?

Question 21 options:

opportunity cost


decreased demand


capital


scarcity

Answer 1

In this scenario, the concert tickets most likely represent **opportunity cost**. Opportunity cost refers to the value of the next best alternative that is forgone when a decision is made. Since Benjamin decided to buy jeans instead of concert tickets, the benefit of attending the concert is the opportunity cost of his decision.