Choosing a concert over a football game illustrates which concept?

• A. Economic alternative
• B. Lost purchase
• C. Opportunity cost
• D. Economic gain

Answer: (C)

Opportunity cost is the value of the next-best option you give up when you make a choice. By choosing a concert over a football game, you’re forgoing the football experience—its enjoyment, social time, or any other personal value you would have gained. That foregone value is the opportunity cost of attending the concert. This idea highlights trade-offs that come with scarce resources like time and money. The other options don’t fit as well: an economic alternative is any other option available, but opportunity cost specifically names the value of the best option you didn’t choose; a lost purchase isn’t about choosing between experiences, and economic gain would focus on the payoff of the chosen option rather than what you gave up.