Suppose wages in the market for plumbers increase. Some plumbers start taking on extra plumbing jobs while others cut back on the number of hours they work. What could explain this?
What will be an ideal response?
Question 2
The opportunity cost of going to an outdoor music festival is
A) the value of the time spent at the festival.
B) zero because there are no overhead costs for an outdoor festival.
C) equal to the highest value of an alternative use of the time and money spent on the festival.
D) the enjoyment you receive from going to the festival.
E) the cost of the festival ticket only.