Restaurants, bars, and convenience stores are often located near college campuses. These businesses frequently charge higher than normal prices. They are taking advantage of the fact that students.

Question

Social Studies

Broderick Washington

27 July, 15:52

Restaurants, bars, and convenience stores are often located near college campuses. These businesses frequently charge higher than normal prices. They are taking advantage of the fact that students.

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Angelina Morales · Answer 1

They are taking advantage of the fact that students have a high value of their scarce time and are willing to pay higher prices than they would at locations farther from campus.

Explanation:

Usually students don't have that much time between studies and various activities. This is why they tend to stay in areas close to the campus, since time is already scarce.

The various businesses are taking advantage of this and charging higher prices, since they know the students don't have much choice in the end since going to locations farther from campus takes more time.