Ronnie waits one hour in queue to buy a ticket to a rock concert. The opportunity cost of buying the $28 ticket:
A) is Ronnie's best alternative use of the sum of $28 spent on the ticket.
B) is Ronnie's best alternative use of the one hour it took to wait in queue.
C) is the revenue of $28 earned by the ticket agent.
D) is Ronnie's best alternative use of both $28 and the one hour spent in the queue.
E) cannot be measured because there is no opportunity cost associated with consumption.
Correct Answer:
Verified
Q20: Private property rights are important because:
A)they create
Q21: Goods are scarce when:
A)their price is too
Q22: Which of the following should not be
Q23: Economics is:
A)concerned with the problem of scarce
Q24: Which of the following statements concerning opportunity
Q26: Which economic concept is the closest to
Q27: Choices need to be made because of
Q28: Which of the following statements is true?
A)Goods
Q29: Which of the following sayings best represents
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