Suppose Mike Has Three Hours of Time to Spend So

question 260

Multiple Choice

Suppose Mike has three hours of time to spend so he ranks the following activities in order of priority: (1) see a movie, (2) attend a ball game, (3) study economics. Assume that each activity takes three hours. What is Mike's opportunity cost of seeing the movie?

• A) attending a ball game and studying economics
• B) studying economics
• C) attending a ball game
• D) either attending a ball game or studying economics

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Definitions:

Bankruptcy and Insolvency

Legal statuses of an individual or entity that cannot repay the debts it owes to creditors, with bankruptcy being a formal declaration and process and insolvency being a financial state.

Common Law

A body of unwritten laws based on legal precedents established by the courts, as opposed to statutory laws enacted by legislative bodies.

Charter

A document that establishes a city, company, or university, outlining its rights, privileges, and purposes, or it can refer to the hiring or leasing of a ship, aircraft, or bus.

Alcohol-related Accidents

Incidents resulting in damage or injury, where alcohol consumption is a primary contributing factor.