Asked by
Gloria Rodriguez
on Nov 06, 2024
Verified
Suppose that you purchased a ticket to a jazz festival for $100 from an online ticket broker. Once you arrived at the festival, you discovered that parking costs you an additional $15. In this situation, the additional $15 you pay for parking is an example of
A) an economic loss.
B) opportunity cost.
C) marginal cost.
D) an inefficient cost.
Marginal Cost
The price of generating one more unit of a product or service.
Economic Loss
The difference between what is actually earned and what could have been earned in the best alternative scenario.
Parking
The act of halting a vehicle and leaving it unoccupied for a duration, often in a designated area or lot.
- Master the subject of marginal cost in numerous circumstances.
Verified Answer
JS
Learning Objectives
- Master the subject of marginal cost in numerous circumstances.