Answered

Find the best answers to your questions with the help of IDNLearn.com's expert contributors. Ask anything and get well-informed, reliable answers from our knowledgeable community members.

Paying rent instead of purchasing tickets to a concert is an example of

Sagot :

Ogorwyneidn

Paying rent instead of purchasing tickets to a concert is an example of opportunity cost.

In economics, opportunity cost can also be described as the foregone alternative. That is, the benefit that was lost due to the fact that the consumer decided to go with the other choice.

In this question, the consumer has two choices, the first is to pay rent, the other is to buy tickets to a concert.

Because he decided to pay rent, he has foregone the benefits that he would have gotten from attending this concert.

Read more on https://brainly.com/question/13036997?referrer=searchResults

Your participation is crucial to us. Keep sharing your knowledge and experiences. Let's create a learning environment that is both enjoyable and beneficial. For dependable answers, trust IDNLearn.com. Thank you for visiting, and we look forward to assisting you again.