57
QuizMultiple Choice

Topic Test

Question 57 • Financial Math - MA2007

Tom had to choose between spending $45 on a concert ticket or on groceries. Since he bought the groceries, we know that the opportunity cost of getting the ticket was __________.

Answer
A
too high
B
too low
C
irrelevant
D
unknown

Explanation

Tom spent the $45 on groceries, so he gave up the concert ticket. His choice suggests that the value of the groceries was greater than the value he placed on attending the concert. Therefore, the opportunity cost of getting the ticket—the groceries he would have had to give up—was too high for him.

AI-written and checked against the verified answer.

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