The opportunity cost of going to a baseball game is

• A. The face value of the ticket
• B. The face value of the ticket plus the cost of snacks at the ballpark
• C. The total cash spent plus the value of your time
• D. Zero, if you enjoyed the baseball game

Answer: (C)

Verified step by step guidance

1. Understand the concept of opportunity cost: Opportunity cost refers to the value of the next best alternative that is foregone when a decision is made. It is not just the monetary cost, but also includes the value of time and other resources sacrificed.
2. Identify the components of opportunity cost in this scenario: When attending a baseball game, the opportunity cost includes not only the face value of the ticket but also any additional expenses incurred, such as snacks, and importantly, the value of the time spent at the game.
3. Consider the value of time: The time spent at the baseball game could have been used for other activities, such as working, studying, or engaging in another leisure activity. The value of this time should be included in the opportunity cost.
4. Evaluate the enjoyment factor: While enjoyment is a subjective benefit, it does not negate the opportunity cost. Even if the game is enjoyable, the opportunity cost still includes the total cash spent and the value of time, as these are resources that could have been used elsewhere.
5. Conclude with the correct understanding: The opportunity cost of going to the baseball game is the total cash spent (ticket and snacks) plus the value of your time, as these are the resources foregone to attend the game.