Alan Krueger conducted a survey of fans at the 2001 Super Bowl who purchased tickets to the game for $325 or $400.Krueger found that (a)94 percent of those surveyed would not have paid $3,000 for their tickets, and (b)92 percent of those surveyed would not have sold their tickets for $3,000.These results are evidence of
A)the high value fans place on watching the Super Bowl in person, rather than on television.
B)the failure of consumers to take into account nonmonetary opportunity costs.
C)the failure of consumers to ignore sunk costs.
D)consumers being overly optimistic about their future behavior.

Question

Quizplus · Accepted Answer

The survey results suggest that fans are not considering the nonmonetary opportunity costs, such as the potential profit from selling the ticket for $3,000, which indicates a failure to account for these costs.

Alan Krueger Conducted a Survey of Fans at the 2001