You own the Wizard of Oz on DVD. The opportunity cost of watching this DVD for the second time:

Question

You own the Wizard of Oz on DVD. The opportunity cost of watching this DVD for the second time:

A) is zero.
B) is one half the cost of the DVD, as this is the 2nd time you have watched it.
C) is the value the alternative use of the time you spend watching the DVD.
D) cannot be calculated.
Would anyone agree that the answer is C

Answer 1

Yes, many would agree that the answer is C) the opportunity cost of watching the DVD for the second time is the value of the alternative use of the time you spend watching it.

Opportunity cost refers to the value of the next best alternative that is forgone in order to choose a particular option. In this case, if you choose to watch The Wizard of Oz for the second time, the opportunity cost would be the value of what you could have done with that time instead. It could be something like studying, spending time with friends, or engaging in a hobby.

By choosing to watch the DVD again, you are giving up the opportunity to do something else during that time. Therefore, the opportunity cost is the value of that alternative activity.

Answer 2

Yes, many economists would agree that the answer is C) the value of the alternative use of the time you spend watching the DVD. The concept of opportunity cost suggests that when you choose to do something, you give up the opportunity to do something else with that time or resources. In this case, if you choose to watch The Wizard of Oz for the second time, you are giving up the opportunity to do something else productive or enjoyable during that time. Thus, the opportunity cost can be seen as the value of what you could have done instead of watching the DVD again.