Related to the Economics in Practice on p. 81: The true cost of the Shakespeare in the Park tickets is
A) zero.
B) $0 plus the opportunity cost of the time spent in line.
C) the cost to put on the performance.
D) the additional cost to the city of extra security.

Question

Quizplus · Accepted Answer

While the ticket may have a face value of $0, individuals waiting in line to obtain the tickets are giving up their time, which has value, to acquire the tickets. Therefore, the true cost of the Shakespeare in the Park tickets is $0 plus the opportunity cost of the time spent in line.

Related to the Economics in Practice on P