Lunch in Jamie's Dorm Is an All-You-Can-Eat Buffet,served from 11

question 30

Multiple Choice

Lunch in Jamie's dorm is an all-you-can-eat buffet,served from 11 a.m.until 1 p.m.By noon,the buffet is picked over,and by 12:30,there are very few popular items left.The garbage bins,though,are full of food.
Refer to the information given above.If the cafeteria changed its policy so that students had to pay for each item chosen,students would:

• A)continue to make the same selections as before,but waste less.
• B)select only the most expensive items in the buffet.
• C)experience shortages earlier in the day.
• D)make food selections so that the marginal benefit was no less than the price of the item.

---

Definitions:

Explicit Cost

A cost that requires an outlay of money.

Economic Profit

Revenue minus the opportunity cost of resources used; usually less than the accounting profit.

Accounting Profit

Revenue minus explicit cost.

Factors of Production

The resources used in the creation of goods and services, traditionally categorized into land, labor, capital, and entrepreneurship.