Asked by Kelly Cirella on May 07, 2024
Verified
Related to the Economics in Practice on page 83: When acquiring a ticket for a play takes a significant amount of time, the true economic cost of that ticket would include all of the following factors except
A) the amount of time spent acquiring the ticket.
B) the utility provided by seeing the play.
C) the earning power of the person acquiring the ticket.
D) the purchase price of the ticket.
Economic Cost
The total cost of choosing one action over another, including both direct costs and any lost opportunity costs.
Utility
The satisfaction or benefit derived from consuming goods and services.
Earning Power
The ability of an individual, company, or entity to generate income over time, often assessed for future potential.
- Comprehend the broader economic cost concepts including opportunity cost and economic choice.
Verified Answer
ÁÁ
Á?á Á?qú?áMay 12, 2024
Final Answer :
B
Explanation :
The true economic cost of a ticket includes the time spent acquiring it (opportunity cost), the earning power forgone during that time, and the purchase price of the ticket. The utility provided by seeing the play is a benefit received from attending, not a cost of acquiring the ticket.
Learning Objectives
- Comprehend the broader economic cost concepts including opportunity cost and economic choice.