In economic terms, the total price of a pound of meat for an individual who has waited in line is
A) the money price paid to the butcher for the pound of meat.
B) the money price of meat relative to the price of bread or other necessity.
C) the money price of the meat plus the opportunity cost of time spent waiting in line.
D) the money price of an equal amount of meat substitute, such as beans and rice.

Question

Quizplus · Accepted Answer

The total price of a pound of meat for an individual who has waited in line includes not only the money price paid to the butcher, but also the opportunity cost of the time spent waiting in line. Therefore, the correct answer is C, which states that the total price of the pound of meat includes both the money price of the meat and the opportunity cost of time spent waiting in line. Option A is incorrect because it only considers the money price of the meat. Option B is incorrect because it compares the price of meat to the price of other goods and services, but it does not directly address the cost of waiting in line. Option D is incorrect because it suggests comparing the price of meat to an alternative substitute, but it does not include the opportunity cost of time spent waiting in line.

In Economic Terms, the Total Price of a Pound of Meat