Asked by Samantha Sotiria on Sep 23, 2024
Verified
Wealthy professors are more likely to shop at high end stores with shorter wait times at the cashier than poor students because
A) They value the item more than the student
B) They like wasting money
C) The opportunity cost of waiting in a cashier line is higher for professors than for undergraduate students
D) They like to show off
Opportunity Cost
Opportunity cost represents the benefits an individual, investor, or business misses out on when choosing one alternative over another.
High End Stores
Retailers that sell luxury or premium products and services, often characterized by high prices and quality.
Wealthy Professors
Academics or educators who possess a high net worth, often through salaries, investments, publications, or other income sources.
- Determine and clarify the idea of opportunity cost within decision-making processes.
Verified Answer
VS
vaishali sharma4 days ago
Final Answer :
C
Explanation :
The opportunity cost of waiting in a cashier line is the value of the next best alternative that is forgone as a result of choosing to wait in line. Wealthy professors have a higher opportunity cost of waiting in the cashier line because they could be using their time to do something more valuable, such as working or conducting research. Therefore, they are more likely to shop at high-end stores with shorter wait times at the cashier.
Learning Objectives
- Determine and clarify the idea of opportunity cost within decision-making processes.