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 the opportunity cost of going to the concert?
A. $35
B. $36
C. $9
D. $1
Answer: B
You might also like to view...
Governments sometime create an excess demand for a product by setting a maximum price that is less than the equilibrium price, resulting in a permanent excess demand for the product. This is known as a price floor
Indicate whether the statement is true or false
Why will a profit-maximizing, single-price monopolist NOT produce the amount of output that maximizes its total revenue?
What will be an ideal response?
If the price of land is zero,
a. the supply of land is a horizontal line b. rent is zero and land is a free good c. the MRP curve is positively sloped d. land rents are positive e. demand for land is relatively high
Which international meeting resulted in the first major global environmental treaty, convincing many skeptics that such cooperation was indeed possible?
a. the Copenhagen Convention b. the Stockholm Declaration c. the Montreal Protocol d. the Kyoto Protocol