Author Question: If you have a choice of consuming either two apples, three oranges, or one candy bar, the ... (Read 80 times)

frankwu · **on:** Jun 30, 2018

If you have a choice of consuming either two apples, three oranges, or one candy bar, the opportunity cost of the candy bar is:
a. two apples.
b. three oranges.
c. two apples and three oranges.
d. two apples or three oranges, whichever you value more.
e. the difference in the prices of the three options.

Question 2

Market failure occurs when:
a. the stock markets tumble due to heavy selling.
b. the market economy fails to allocate resources efficiently.
c. demand shows signs of slowing down.
d. a country cannot produce a particular good or service at a lower opportunity cost than other countries.