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people with a higher opportunity cost of time are more willing, ceteris paribus, to pay a higher money price for goods that save time than
people with a higher opportunity cost of time are more willing, ceteris paribus, to pay a higher money price for goods that save time than people with a lower opportunity cost of time. First, provide an example of a product where an important part of the true cost of the product is the time price. Can you think of something that seems to be a bargain at first because of its low money price, but that isn't as much of a bargain when you consider both the money price and the time price of the good? Can you think of an example of a new good or service being offered that reduces the time price of a good while charging a higher money price? Are there any opportunities for mutual gain or an increase in societal utility if someone with low opportunity cost of time provides a service (e.g., waiting in line) for a person with a higher opportunity cost of time?
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