Tag: Opportunity Cost

In 1982, the minimum wage in the United States was $3.35 per hour. The median wage was $11.60 per hour. If we assume that each person who watched a soap opera would have otherwise been working, the opportunity cost of watching soap operas in 1982 was $3.35 * 8,400,000,000 hours = $28,090,000,000. The median wage…