Final answer:
The opportunity cost of using €20 to attend a football match includes not only the €20 but also the value of the time spent at the game and the cost of additional purchases made there, like dinner.
Step-by-step explanation:
If you choose to use the €20 you found to go to a football match, the opportunity cost of going to the game is €20 because you could have used the money to buy other things, plus the value of your time spent at the game, plus the cost of the dinner you purchased at the game. The correct answer is option 3. Opportunity cost is a fundamental concept in economics that refers to the value of the next best alternative that you give up when you make a decision.
Even though the money used to attend the football match was found and not earned, it still has value and could have been used to purchase something else. That alternative forgone purchase or activity is what constitutes the opportunity cost. Additionally, when considering opportunity costs, you should account for all costs associated with the activity, not just the monetary ones. Hence, your time at the game and any additional expenses, such as meals bought at the event, should be considered in the total opportunity cost calculation.