Opportunity Cost

OPPORTUNITY COST….Alex Tabarrok reports that the vast majority of professional economists are unable to correctly answer a question that appears on page 4 of a very popular beginning economics text. I wonder how many other professions would produce similar results?

UPDATE: A reader emails:

I personally know of many teaching profs in photography who do not know the difference between an underexposed and overexposed piece of film. Listening to fragments of their lectures is mind boggling.

For those of you who don’t know anything about photography, this is about the equivalent of not knowing the difference between the gas pedal and the brake. Astonishing.