After paying admission and entering King's Island Amusement Park near Cincinnati, Alan Fujiwara sees a list of waiting times for each attraction and ride. At this point, Alan's marginal dollar cost is
a. zero and so are the marginal time costs of each attraction or ride
b. zero, so he will base his next move on the marginal time costs of each attraction or ride
c. greater than zero based on the admission price, so he will base his next move on the marginal time costs of each attraction or ride
d. greater than zero based on the admission price, so he will ignore the marginal time costs of each attraction or ride
e. less than zero and so are the marginal time costs of each attraction or ride
B
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What does the sign (positive/negative) of the income elasticity tell us about a good?
What will be an ideal response?
The City Symphony presents three open-air concerts in the city park pavilion during the spring and summer. Many who attend make donations for symphony expenses, but the donation is not required. Some who attend make no contributions. Economists would
a. classify the noncontributors as detrimental externalities. b. call the concerts excludable events. c. call the noncontributors free riders. d. call the concerts depletable goods.