Suppose you order a slice of pepperoni pizza and a soda at a ...

[SGallaher96]

Suppose you order a slice of pepperoni pizza and a soda at a shopping mall food court. What are examples of the opportunity costs of this decision?
 
  What will be an ideal response?

Question 2

An increase in the price of corn will lead to
 
  A) an upward (and leftward) movement along the demand curve for corn.
  B) a leftward shift in the demand curve for corn.
  C) a rightward shift in the supply curve for corn.
  D) an increase in the quantity of corn consumed.

[sabina576]

Answer to Question 1

The opportunity cost of an action is the value of the next best alternative that a person has to give up when making a choice. The opportunity cost of the pizza and soda is what you would give up by consuming these things, such an alternative food choice like a hamburger and a bottle of water could have consumed if you did not consume the pizza and soda.

Answer to Question 2

A