A new startup airline is offering a free round-trip ticket to Hawaii to the first 600 people who enter the airline's main office on the airline's first day of business.You arrive 24 hours before it is scheduled to open to be sure to get the free ticket,and you buy food from vendors while waiting in line.You successfully obtain the ticket.What was the cost to you for obtaining the ticket?
A)zero
B)the cost of food while you wait in line
C)the cost of food while you wait in line and the opportunity cost of your time spent in line
D)the actual value of the ticket

Question

Quizplus · Accepted Answer

While the ticket was free, the opportunity cost of your time spent waiting in line and the cost of food that you bought while waiting in line should be taken into consideration. Therefore, the cost to you for obtaining the ticket is the cost of food while you wait in line and the opportunity cost of your time spent in line.

A New Startup Airline Is Offering a Free Round-Trip Ticket