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Author Question: Which of the following will NOT shift the supply curve for pick-up trucks? A) a technological ... (Read 102 times)

storky111

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on: Jun 29, 2018
Which of the following will NOT shift the supply curve for pick-up trucks?
 
  A) a technological advance
  B) an increase in the price of a resource used to produce pick-up trucks
  C) a change in the number of firms supplying pick-up trucks
  D) a change in the price of pick-up trucks

Question 2

What is opportunity cost?
 
  What will be an ideal response?


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scrocafella

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

Opportunity cost is the highest-valued alternative given up when selecting an action. For instance, the opportunity cost of studying an hour is whatever the highest-valued alternative would have been for the hour spent studying.


storky111

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

lcapri7

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Reply 3 on: Yesterday
Excellent

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