Hamid Spends an Hour Studying Instead of Watching TV with His

question 24

Multiple Choice

Hamid spends an hour studying instead of watching TV with his friends.The opportunity cost to him of studying is

• A)the improvement in his grades from studying for the hour.
• B)the improvement in his grades from studying minus the enjoyment of watching TV.
• C)the enjoyment he would have received if he had watched TV with his friends.
• D)zero.Since Hamid chose to study rather than to watch TV,the value of studying must have been greater to him than the value of watching TV.

Comprehend the theory of indifference curves, budget constraints, and optimization in consumption choices.

Evaluate the effects of government policies on consumer choices and welfare.

Learn how perfect substitutes and complements affect consumer equilibrium.

Understand marginal utility and its role in consumer choice.

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Definitions:

Role-playing

A teaching or therapeutic technique that involves acting out roles, situations, or interactions to practice behaviors, solve problems, or analyze situations.

Reinforcement

In psychology, a process by which a behavior is strengthened or increased in frequency by a consequence that follows it.

Flooding

A psychological treatment method where patients are exposed to their phobias at full intensity to help overcome the fear response.

Obsessive-Compulsive Disorder

A mental disorder where people feel the need to check things repeatedly, perform certain routines repeatedly, or have certain thoughts repeatedly.