Related to the Economics in Practice on page 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 includes the time spent, the earning power (opportunity cost), and the purchase price, but not the utility provided by seeing the play, as utility is a benefit, not a cost.

Related to the Economics in Practice on Page 88: When