Commentaries on this Media
Seinfeld Economics: The Chinese Restaurant (Bribing Maitre d')by Linda Ghent
Opportunity cost is the cost of the next-best alternative. The notion of opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently. It is important to keep in mind that opportunity costs are not restricted to monetary or financial costs.
A rationing mechanism is a system for choosing who gets how many goods during a shortage. Long lines are often used to ration goods in shortage (so the good is distributed on a first-come, first-serve basis). In addition, black markets often develop as a way of rationing goods that are in shortage.
Seinfeld: The Chinese Restaurant (Bribing Maitre d')
Jerry and his friends go to a restaurant but must stand in line and wait for a table. They ultimately are willing to pay to get a table.
- from Seinfeld, Season 2 (1991)
- Creator: Larry David & Jerry Seinfeld
- Posted by Linda Ghent