Fred has already paid $50 for a ticket to a football game that is sold out. Paul has offered Fred $120 for his ticket. That is the highest offer Fred has received for the ticket. Assume the value of Fred's time given up to go the game is $0. What is the opportunity cost of going to the game for Fred?
a) $170
b) $120
c) $70
d) $50
e) $0
b) $120
You might also like to view...
The natural rate of unemployment is the rate that exists when the economy is producing at potential GDP
Indicate whether the statement is true or false
_______ are outlooks or opinions that express values, serve as a means of evaluation, or demonstrate feelings in regard to ideas, people, events, situations, or relationships. They are expressions of likes and dislikes
a. Attitudes b. Resources c. Goal orientations d. Preferences
A motorist who chooses high-deductible versus low-deductible car insurance is signaling that he is:
A. a safe driver. B. a reckless driver. C. likely to not pay. D. likely to be a low income earner.
Increase in supply mean a new supply (subsidy) line . . .
What will be an ideal response?