Question: Question 2. You won a free ticket to a Bruce Springsteen concert (next Friday) in a lottery. However, Rihanna is singing on the same evening.

Question 2. You won a free ticket to a Bruce Springsteen concert (next Friday) in a lottery. However, Rihanna is singing on the same evening. A ticket to the Rihanna concert is priced at $100 though I am willing to pay $200. What is your opportunity cost of attending the Bruce Springsteen concert? Please explain. (Yang/Zhuo

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Opportunity cost is the value of the next best alternative that you forgo when making a decision It represents the benefits you could have received by ... View full answer

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