Which of the following is the opportunity cost of attending a ball game?

Which of the following is the opportunity cost of attending a ball game? O A. Only the ticket price and bus fare. OB. Only thAn RV is a normal good. If the price of an RV rises, you predict that the demand for RVs O A. might increase, decrease, or reWhich of the following is an example of a price floor? O A. Stock prices hit a floor last week. O B. Safeway charges $1 more

Answer

1) D). the things you would have bought with what you spent on the ticket and bus fare getting to the game plus the thing you would alternatively done with your time When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can’t spend the money on something else.
2). B). Will increase It’s a lower-cost, lower-hassle alternative to plane travel (with a lower carbon footprint). And it puts you right into the heart of the great outdoors without sacrificing the comfort of a familiar bed. But most of all, RVs offer freedom. The freedom to go wherever you want, whenever you want.
3). D). The government guarantees that potato farmers will receive at least $50 a ton.

A price floor is a situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply. By observation, it has been found that lower price floors are ineffective.


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