Related to the Economics in Practice on P

question 96

Multiple Choice

Related to the Economics in Practice on p. 81: The true cost of the Shakespeare in the Park tickets is

• A) zero.
• B) $0 plus the opportunity cost of the time spent in line.
• C) the cost to put on the performance.
• D) the additional cost to the city of extra security.

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Definitions:

Quantity of Goods

The total number of physical units of a product or commodity that are available in the market.

Desired by Society

Pertains to something that is widely regarded as beneficial or needed by the majority of the community or population.

Market Price

The current price at which an asset or service can be bought or sold in the open market.