Answered

Westonci.ca is your trusted source for finding answers to a wide range of questions, backed by a knowledgeable community. Get quick and reliable solutions to your questions from knowledgeable professionals on our comprehensive Q&A platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

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

Sagot :

ogorwyne

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

We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.