The highest valued alternative that must be given up to engage in ...

[Ebrown]

The highest valued alternative that must be given up to engage in an activity is the definition of
 
  A) marginal cost. B) marginal benefit. C) opportunity cost. D) economic equity.

Question 2

The demand for gasoline in the short run is
 
  A) elastic because people can easily switch to public transportation.
  B) inelastic because there are very few good substitutes for gasoline.
  C) perfectly inelastic because people have no choice but to buy gasoline.
  D) unit elastic because people tend to consume a stable amount of gasoline per period.

[31809pancho]

Answer to Question 1

C

Answer to Question 2

B