Lauren makes $150 a day as a bank clerk. She takes two days off work without pay, to fly to another city to attend the concert of her favorite band. The cost of transportation and lodging for the trip is $250. The cost of the concert ticket is $50. The

opportunity cost of Lauren's decision to attend the concert is:

A. $600
B. $450
C. $300
D. $250


Answer: A

Economics

You might also like to view...

Which of the following is most vital if the firms in an industry are going to earn economic profit in the long run?

a. an inelastic demand for the product produced by the firms b. an elastic demand for the product produced by the firms c. managerial efficiency d. high barriers to entry into the industry

Economics

A search good is a product

A. with qualities that consumers lack the expertise to assess without assistance. B. that an individual must consume before the quality can be established. C. that emphasizes the features of its product. D. with characteristics that enable an individual to evaluate the product's quality in advance of a purchase.

Economics

The in-kind Medicare transfer increased real incomes of the aged by 17 to 40 percent

Indicate whether the statement is true or false

Economics

The original comparative advantage model that used the relative abundance of factors of production to explain comparative advantage assumed that countries:

a. employed all four factors of production; land, labor, capital, and entrepreneurship. b. employed only two factors of production; labor and capital. c. employed only two factors of production; land and entrepreneurial ability. d. worked with a fixed capital stock. e. were free to vary their employment of only one factor of production; labor.

Economics