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.

Question

Quizplus · Accepted Answer

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.

Related to the Economics in Practice on Page 83: When