Learning Path
Question & Answer
Choose the Best Answer
The enjoyment from attending the concert
The money spent on the textbook
The time spent studying
The knowledge gained from the textbook
Understanding the Answer
Let's break down why this is correct
The student gives up the chance to enjoy the concert. Other options are incorrect because People sometimes think the money spent on the textbook is the opportunity cost; A misconception is that the time spent studying is the opportunity cost.
Key Concepts
Marginal Utility Per Dollar
easy level question
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Deep Dive: Marginal Utility Per Dollar
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Definition
Marginal Utility Per Dollar is a concept in Economics that helps consumers maximize utility by considering the additional satisfaction gained from spending one more dollar on each good. In this scenario, the consumer chooses the combination of apples and oranges that provides the highest marginal utility per dollar spent within the budget constraint of $7, demonstrating rational consumer decision-making.
Topic Definition
Marginal Utility Per Dollar is a concept in Economics that helps consumers maximize utility by considering the additional satisfaction gained from spending one more dollar on each good. In this scenario, the consumer chooses the combination of apples and oranges that provides the highest marginal utility per dollar spent within the budget constraint of $7, demonstrating rational consumer decision-making.
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