A theatre company can use its available rehearsal time to prepare only one new show. It ranks a comedy first, a musical second and a dance show third. The company prepares the comedy and sells tickets for its performances. Which statement is correct?
Both the musical and the dance show are opportunity costs because neither is prepared
Ticket buyers are producers because they pay the theatre, and the musical is the opportunity cost
Ticket buyers are consumers seeking satisfaction, and the musical is the opportunity cost
The available rehearsal time is the opportunity cost because its quantity is limited
81 exam-style questions on AQA GCSE Economics 1.1 Economic foundations, covering 1.1.1a Needs and wants, 1.1.1b The central purpose of economic activity, 1.1.1c Key economic decisions, 1.1.1d The main economic groups, 1.1.2a The nature of an economic resource, 1.1.2b The four factors of production, 1.1.3a The basic economic problem and making choices, and 1.1.3b Opportunity cost. Each one has a worked solution and a mark scheme showing where the marks go.