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

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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.

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