Related to the Economics in Practice on p.88: Which of the following best explains why the people who wait for hours to acquire tickets to free performances earn less on average than the people who actually see those performances?
A)The value of time spent waiting in line is less for people who earn less money.
B)People who earn more money are less likely to be aware of the opportunity to acquire free tickets.
C)High-wage individuals are more likely to have schedule conflicts that prevent them from using their tickets.
D)People interested in live performances are likely to have access to other forms of entertainment,such as television and radio.

Question

Quizplus · Accepted Answer

The value of time is different for people with different incomes. Those with higher incomes tend to value their time more than those with lower incomes, and thus would be less likely to spend hours waiting for free tickets. As a result, those who do wait for free tickets are likely to have lower incomes on average.

Related to the Economics in Practice on P