If You Were Not Studying Economics, You Could Be Doing

question 28

Multiple Choice

If you were not studying economics, you could be doing one of the following: sleeping in (which you value at $5) , playing cards with your friends (which you value at $10) , or working (you would have earned an extra $8) . The opportunity cost of studying economics is therefore:

• A) $23.
• B) $10.
• C) $8.
• D) $5.

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Definitions:

Mean, Median, Mode

Statistical measures used to summarize a set of data where mean is the average, median is the middle value when data is sorted, and mode is the most frequent value.

Sample Size

The number of observations or measurement in a sample.

Population Size

The total number of members or elements in a specified population or group being studied.

Strip Mall Rent

The rental cost associated with leasing commercial spaces within a strip mall, a type of shopping center typically characterized by a linear arrangement of stores.