From an Economic Perspective, When Consumers Leave a Fast-Food Restaurant

question 153

Multiple Choice

From an economic perspective, when consumers leave a fast-food restaurant because the lines to be served are too long, they have concluded that the:

• A)marginal cost of waiting is less than the marginal benefit of being served.
• B)marginal cost of waiting is greater than the marginal benefit of being served.
• C)management is exhibiting irrational behaviour by not maximizing profits.
• D)management is making an assumption that other things are equal.

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Definitions:

Sodium Chloride

A chemical compound commonly known as table salt, essential for various bodily functions, including maintaining fluid balance.

Hydrogen Ions

Positively charged ions of hydrogen, which play a crucial role in acidity, pH levels, and various biochemical reactions.

Glomerular Filtration Rate

A measure of how well the kidneys filter waste and excess fluid from the blood.

Efferent Arteriole

The small blood vessel that carries blood away from the glomerulus of the kidney after filtration.