The Opportunity Cost for Elijah of Going to a Water

question 94

Multiple Choice

The opportunity cost for Elijah of going to a water park is:

• A) the price of the admission pass.
• B) zero, if he can go with his parents who will pay.
• C) zero, if it is raining that day and the water park is closed.
• D) the price of the admission pass plus the highest-valued alternative activity Elijah could have done instead.
• E) the highest-valued alternative activity Elijah could have done instead.

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Definitions:

Individuate

The process of developing a distinct, integrated personality or self, often associated with adolescent development and psychological differentiation from others.

System Justification

A theory suggesting that people have a psychological need to defend and justify the status quo even at the expense of personal or group interest.

Social Identity

The part of an individual's self-concept that derives from their membership in a social group, including the values and emotional significance attached to that membership.

Social Comparison

A psychological process where individuals evaluate their own opinions and abilities by comparing themselves to others.