Author Question: Refer to Table 2-19. What is Betty's opportunity cost of making a bench? A) 2 statues B) 1/2 of a ... (Read 124 times)

TFauchery · **on:** Jun 29, 2018

Refer to Table 2-19. What is Betty's opportunity cost of making a bench?

A) 2 statues B) 1/2 of a statue C) 2.8 statues D) 1.75 benches

Question 2

Refer to Figure 3-6. The figure above represents the market for canvas tote bags. Assume that the price of tote bags is 15. At this price

A) there is a shortage equal to 55 tote bags; the price of tote bags will rise until demand is equal to supply.
B) the demand exceeds the supply of tote bags by 55. Some consumers will have an incentive to offer to buy tote bags at a higher price.
C) the quantity demanded exceeds the quantity supplied by 75. The price will eventually rise to 25 where quantity demanded will equal quantity supplied.
D) there is a shortage, equal to 55 tote bags, that will be eliminated when the price rises to 25.