You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. What is your opportunity cost of going to work on Saturday?
A. $0
B. $36
C. $9
D. $35
Answer: D
You might also like to view...
During the mid-2000s, the average price of a used car fell by nearly $500 and the quantity sold nation-wide decreased by several thousand each year. This set of results is a contradiction of the law of demand
Indicate whether the statement is true or false
Which of the following are characteristics of a proprietorship? I. Single owner II. Limited liability
A) I only B) II only C) both I and II D) neither I nor II
.The law of comparative advantage implies that a nation, individual, or region should trade for those economic goods for which it
What will be an ideal response?
The shift of labor out of agriculture to industry in the United States has tended to:
A. Reduce the rate of productivity growth B. Increase unemployment in the agriculture sector C. Reduce unemployment in the industrial sector D. Increase labor productivity