When Paul decides to not go to the concert, but goes to the library to study instead, he is:
A)realizing that his time is a scarce resource that must be allocated.
B)at least implicitly recognizing that the opportunity cost of going to the library is the concert he is giving up.
C)making an economic decision.
D)doing all of the above.
E)doing choices A)and B)only.

Question

Quizplus · Accepted Answer

Paul is making an economic decision by recognizing that his time is a scarce resource that must be allocated and implicitly recognizing the opportunity cost of going to the library instead of going to the concert. Therefore, he is doing all of the above (choices A, B, and C).

When Paul Decides to Not Go to the Concert, but Goes