Multiple Choice
You lose $20 from your wallet and decide to miss an hour from work in order to search for it.To an economist,this means that:
A) you estimate the expected cost of searching for one hour to be greater than $20.
B) you must earn more than $20 per hour.
C) in your estimation the expected value of searching for the lost $20 for an hour exceeds your hourly wage.
D) you are irrational, since it is always a waste of time to search for lost money.
Correct Answer:
Verified
Correct Answer:
Verified
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