A Student Has Two Options: She Can Either Surf the Web

question 31

Multiple Choice

A student has two options: she can either surf the web or work part-time.Working part-time pays her $20 per hour.What is the student's opportunity cost of surfing the web for 5 hours?

• A) $4
• B) $20
• C) $50
• D) $100

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Definitions:

Vertical Axis

in a graph or chart, the y-axis which typically represents the range of values or dependent variables.

Perfect Substitute

Goods that can be completely replaced by another with no loss of utility to the consumer, such as different brands of sugar.

Units Of Good

The individual items or quantities of a product that can be quantified, counted, and often sold individually.

Utility Function

A mathematical representation of a consumer's preference system, ranking different bundles of goods and services by their levels of satisfaction.