Ronnie Waits One Hour in Queue to Buy a Ticket

question 34

Multiple Choice

Ronnie waits one hour in queue to buy a ticket to a rock concert. The opportunity cost of buying the $28 ticket:

• A)is Ronnie's best alternative use of the sum of $28 spent on the ticket.
• B)is Ronnie's best alternative use of the one hour it took to wait in queue.
• C)is the revenue of $28 earned by the ticket agent.
• D)is Ronnie's best alternative use of both $28 and the one hour spent in the queue.
• E)cannot be measured because there is no opportunity cost associated with consumption.

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.