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Suppose Mike has three hours of time to spend so he ranks the following activities in order of priority: (1) see a movie, (2) attend a ball game, (3) study economics. Assume that each activity takes three hours. What is Mike's opportunity cost of seeing the movie?

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innthomas00158

Answer:

Mike's opportunity cost of seeing a movie is 2) Attend a ball game.

Explanation:

Opportunity cost refers to the immediate loss when an option is chosen. Or what should have been chosen in it's place. In this case, the second best option(attending a ball game) is the opportunity cost.

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