In Economic Terms, the Total Price of a Pound of Meat

question 46

Multiple Choice

In economic terms, the total price of a pound of meat for an individual who has waited in line is

• A) the money price paid to the butcher for the pound of meat.
• B) the money price of meat relative to the price of bread or other necessity.
• C) the money price of the meat plus the opportunity cost of time spent waiting in line.
• D) the money price of an equal amount of meat substitute, such as beans and rice.