High-income people will sometimes pay higher prices at convenience stores for goods that are available at discount stores. They do this because
a. they are irrational
b. their opportunity cost of time is low
c. crowded and understaffed discount stores impose higher time costs
d. they like to be seen paying more money
e. they do not mind wasting time
C
Economics
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a. True b. False Indicate whether the statement is true or false
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The government tries to protect the competitive economic system by passing and enforcing
A) price controls. B) tariff legislation. C) antitrust laws. D) building codes and zoning laws.
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