Table of contents

0. Basic Principles of Economics1h 5m
1. Reading and Understanding Graphs59m
2. Introductory Economic Models1h 10m
3. The Market Forces of Supply and Demand2h 26m
4. Elasticity2h 26m
5. Consumer and Producer Surplus; Price Ceilings and Floors3h 45m
6. Introduction to Taxes and Subsidies1h 46m
7. Externalities1h 12m
8. The Types of Goods1h 13m
9. International Trade1h 16m
10. The Costs of Production2h 35m
11. Perfect Competition2h 23m
12. Monopoly2h 13m
13. Monopolistic Competition1h 9m
14. Oligopoly1h 26m
15. Markets for the Factors of Production1h 26m
16. Income Inequality and Poverty35m
17. Asymmetric Information, Voting, and Public Choice39m
18. Consumer Choice and Behavioral Economics1h 16m

0. Basic Principles of Economics

Introduction to Economics

Microeconomics

0. Basic Principles of Economics

Introduction to Economics

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Multiple Choice

The opportunity cost of going to a baseball game is

The face value of the ticket

The face value of the ticket plus the cost of snacks at the ballpark

The total cash spent plus the value of your time

Zero, if you enjoyed the baseball game

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Verified step by step guidance

Understand the concept of opportunity cost: Opportunity cost is the value of the next best alternative that you give up when you make a choice. It is not just the monetary cost, but also includes the value of time and other resources sacrificed.

Identify the alternatives: In this scenario, the alternatives to going to the baseball game could include working, studying, or engaging in another leisure activity.

Consider the monetary costs: Calculate the total cash spent, which includes the face value of the ticket and any additional expenses such as snacks or transportation.

Evaluate the value of your time: Determine what you could have earned or accomplished during the time spent at the game. This could be the wage you would earn if you worked during that time or the value of any other productive activity.

Combine the costs: The opportunity cost of attending the baseball game is the sum of the total cash spent and the value of your time, representing the full cost of the decision to attend the game instead of engaging in the next best alternative.