Suppose there are only three things you can do rather than attend a community social
event, and you can do at most one of them:
• read a novel which you value at $9 worth of satisfaction,
• do some studying, which you think will lead to $2 worth of satisfaction, or
• watch videos with some friends, which you value at $7 worth of satisfaction.
If you have to buy a ticket to the social event, and this ticket costs $5, then your
economic cost of the social event is:
Select one:
a. $14
b. $5
c. $9
d. $23