Fred and Ann Both Decide to See the Same Movie

question 126

Multiple Choice

Fred and Ann both decide to see the same movie when they are given free tickets to it.We know that

• A)both bear the same opportunity cost since they are doing the same thing.
• B)the cost of going to the movie is greater for the one who had more choices to do other things.
• C)both bear an opportunity cost since they could have done other things instead of see the movie.
• D)neither bear an opportunity cost because the tickets were free.

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Definitions:

Hormone

A chemical messenger produced by glands in the body that regulates physiological processes and behavior.

Milk Market

A sector of the economy that deals with the production, distribution, and consumption of milk and milk products.

Equilibrium Price

The cost at which the amount of a product wanted by buyers matches the amount provided by sellers, leading to equilibrium in the market.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given time period.