Refer to Scenario 21-1 in your textbook.What is the implicit price that Fred pays for the satisfaction derived from playing an hour of volleyball
A)$0.00
B)$37.50
C)$85.00
D)$150.00

Question

Quizplus · Accepted Answer

The implicit price is the opportunity cost of Fred's time, which is the wage he could earn if he worked instead of playing volleyball. If Fred's wage is $85.00 per hour, then that is the implicit price he pays for an hour of volleyball.

Refer to Scenario 21-1 in Your Textbook