In a situation in which rationing is by queues, the total price of the rationed good is
A) equal to the funds paid for the good.
B) less than the funds paid for the good.
C) equal to the funds paid for the good plus the opportunity cost of the time spent waiting.
D) equal to the funds paid for the good less the opportunity cost of the time spent waiting.

Question

Quizplus · Accepted Answer

The total price of a rationed good includes both the monetary cost and the opportunity cost of the time spent waiting in line, as time is a valuable resource.

In a Situation in Which Rationing Is by Queues, the Total