Melissa is a self-employed lawyer who chooses a higher-priced restaurant 2 miles from home over a cheaper restaurant 15 miles from home. Which of the following is the most likely explanation for her behavior?
a. The opportunity cost of her time is very low.
b. She doesn't take travel time into consideration.
c. She doesn't like to cook or doesn't know how.
d. The prices at the more expensive restaurant understate the opportunity cost of eating there.
e. The higher monetary cost of the more expensive restaurant is offset by the higher opportunity cost of the lower-priced restaurant.
Question 2
If you enjoy playing golf, the opportunity cost of cleaning your room
a. is the same on sunny days as it is on rainy days
b. is greater on sunny days than it is on rainy days
c. is smaller on sunny days than it is on rainy days
d. does not change with the weather conditions
e. is equal to the opportunity cost of any other chore you have to do that day
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Percentage of higher-income Canadian households
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