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Author Question: Suppose you order a slice of pepperoni pizza and a soda at a shopping mall food court. What are ... (Read 119 times)

SGallaher96

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on: Jun 29, 2018
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

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Reply #1 on: Jun 29, 2018
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


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