ScholarMatic: Explanation & Answer
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You won a free ticket to see a concert by Eason Chan, a local pop singer. You cannot resell it (say, your photo ID
will be checked at entrance). Yo-Yo Ma, the world’s finest cellist, is performing on the same night and is your next-best alternative activity. Tickets to see Yo-Yo Ma cost $800 each. On any given day, you would be willing to pay up to $1000 to see Yo-Yo Ma. Assume there are no other costs of seeing either performer. Based on this information, what is the opportunity cost of seeing Eason Chan?
(A) $0. (B) $200. (C) $800. (D) $1000.
ScholarMatic: Explanation & Answer
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