Question

Eminem fans lined up all day to get a free ticket to his secret concert at which he will release his new album Relapse ​(his first in 5​ years). ​Source: Detroit Free Press​, May​ 18, 2009 With tickets free and the show to be held in a​ 1,500-seat Detroit​ theater, what is free and what is​ scarce? Explain your answer. Choose the incorrect​ statement: A. The time that a reporter uses to report on the concert is scarce. B. The seats available for the concert are scarce. C. If the fans are not forgoing paid employment to attend the​ concert, then the concert is free. D. The publicity that Eminem receives for giving the concert is not free. E. The ticket is free but the​ fan's attendance is not free.

Answer 1

A thing can be said free when there is no associated opportunity cost with such thing.

Eminem is giving away tickets to his concert for free.

So, monetary value with respect to tickets is zero.

However, there is opportunity cost associated with attending the concert. The time spent at concert can be utilized somewhere else.

So, even if the fans are not forgoing paid employment to attend the concert, they are forgoing the time they could have spent on something else when they attend the concert.

So, in this sense, concert is not free.

Hence, the correct answer is the option (C).