Asked by Ananaya Sharma on May 09, 2024
Verified
Related to the Economics in Practice on page 83: Which of the following best explains why the people who wait for hours to acquire tickets to free performances earn less on average than the people who actually see those performances?
A) The value of time spent waiting in line is less for people who earn less money.
B) People who earn more money are less likely to be aware of the opportunity to acquire free tickets.
C) High-wage individuals are more likely to have schedule conflicts that prevent them from using their tickets.
D) People interested in live performances are likely to have access to other forms of entertainment, such as television and radio.
Value of Time
This concept refers to the economic value of an individual's time, often measured by what they would be willing to pay to save time or by their wage rate.
High-Wage Individuals
Individuals who earn a salary significantly higher than the average or median for their profession or area.
Live Performances
Events where performers present arts like music, theater, or dance in real-time before a live audience.
- Understand the wider concepts of economic costs, such as opportunity cost and the making of economic decisions.
Verified Answer
PG
paromita ghoshMay 10, 2024
Final Answer :
A
Explanation :
The value of time for individuals is often correlated with their income level; those who earn less may value their time differently, making them more willing to wait in lines for free tickets, as opposed to higher earners who might value their time more and thus are less likely to spend it waiting.
Learning Objectives
- Understand the wider concepts of economic costs, such as opportunity cost and the making of economic decisions.