In the early 1990s, before pay at the pump was an option, a gas station decides to force people to pre-pay due to drive-offs. The opportunity cost of this decision may include:
A. the value of the gas that is no longer stolen by people who drove off.
B. not having to look outside for people waving at you to turn on the pump.
C. a loss of snack sales because people decide to come into the store to pay for gas before pumping versus after pumping their gas.
D. lost revenue when people under estimate what they think their gas tanks will hold in order to avoid going back into the store to get change from overpayment.
Answer: D
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The new growth theory's comparison of the economy to a perpetual motion machine implies that
A) overpopulation will eventually overtake the resources of the planet. B) technology changes just happen. C) permanent growth is not possible. D) the economy will forever create and destroy jobs. E) labor productivity has no influence on the economy.
Real GDP is GDP in a given year
A) valued in the prices of the base year. B) valued in the prices of that year. C) adjusted only for unanticipated inflation. D) adjusted only for anticipated inflation.
Which of the following is an example of a highly organized market?
a. the market for textbooks b. the market for spa services c. the market for soybeans d. the market for ice cream
Refer to the above data. The expenditures approach to GDP calculation can be done by adding:
1 through 7 8 through 13 2 through 7 8 through 11