A Consumer Has Two Basic Choices in Making a Trip

question 113

Multiple Choice

A consumer has two basic choices in making a trip: rent a car for $30.00 a day and spend two days of travel to the destination, or spend $400 for an airplane ticket and fly to the destination in two hours. The marginal utilities of the car rental and the airline ticket are the same. The consumer values time at $5 an hour. The rational consumer will most likely

• A) rent a car.
• B) buy an airline ticket.
• C) find the full cost of the two modes to be equal.
• D) not make the trip.

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Definitions:

Supreme Court of Canada

The Supreme Court of Canada is the highest court in Canada and serves as the final court of appeal in the Canadian justice system.

Authoritative Precedent

A judicial decision that is binding on lower courts within the same jurisdiction, guiding future cases with similar issues.

Manitoba Court

The judicial system or a specific court within the province of Manitoba, Canada, handling legal matters within its jurisdiction.

Ontario Court of Appeal

The highest appellate court in the province of Ontario, Canada, responsible for reviewing decisions of lower courts.