Question

Although tickets to the Rams/Vikings NFC Championship game had a face value of roughly $50, numerous ticket holders willingly sold their tickets for $200 (and up). Consider $200 as the maximum price obtained for a ticket. Excluding other expenses, an economist would say the opportunity cost of attending the game was

Answer 1

Answer: More than $200.

Explanation:

Opportunity cost is the benefit that is foregone for an individual by choosing one alternative over other alternatives available to him.

If the opportunity cost is lower for an individual then this will benefit him whereas if the opportunity cost is higher then this will not benefit the individuals.

The opportunity cost of attending the game is more than $200 because otherwise he would spent that time in working somewhere which gives him some money. So, this is the opportunity cost of attending the game.