Question

In introducing the opportunity cost of time into the theory of consumer behavior, we find that, all else equal:______.

Answer 1

In introducing the opportunity cost of time into the theory of consumer behavior, we find that, all else equal  one should consume less of time-intensive goods.

Opportunity cost of time is actual cost of the time lost in performing one activity instead of another. In other words it is the loss of the time done in choosing an opportunity between the two.

One should consume less time intensive goods because it will save more time.

Theory of consumer behavior is the study of how the people decide to spend their money in the given choices to them according to the budget constraints and individual preferences.

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