Melissa is a self-employed lawyer.She chooses to dine at a higher-priced restaurant 2 kilometres from her home over a cheaper restaurant 15 kilometres from home.Which of the following is the most likely explanation for her behaviour?
A) The opportunity cost of her time is very low.
B) She did NOT take travel time into consideration.
C) The prices at the more expensive restaurant understate the opportunity cost of eating there.
D) The higher monetary cost of the more expensive restaurant is offset by the higher opportunity cost of the lower-priced restaurant.
Correct Answer:
Verified
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