Related to the Economics in Practice on p.88: When acquiring a ticket for a play takes a significant amount of time,the true economic cost of that ticket would include all of the following factors EXCEPT
A)the amount of time spent acquiring the ticket.
B)the utility provided by seeing the play.
C)the earning power of the person acquiring the ticket.
D)the purchase price of the ticket.

Question

Quizplus · Accepted Answer

The true economic cost of a ticket includes the time spent acquiring it, the earning power (opportunity cost), and the purchase price, but not the utility or satisfaction gained from seeing the play.

Related to the Economics in Practice on P