A student has two options: she can either surf the web, or work part-time. Working part-time pays her $20 per hour. What is the student's opportunity cost of surfing the web for 5 hours?

The short-run aggregate supply curve

A. shows the relationship between aggregate production and the price level holding constant potential GDP and all resource prices .
B. shows a negative relationship between the price level and real national income holding constant potential GDP and all resource prices.
c. shows what each producer is willing and able to produce at each level of income holding constant potential GDP and all resource prices.
d. becomes vertical if there is excess production capacity within the economy.

What will we never do in a world of scarcity?

A. Satisfy all basic human needs. B. Satisfy all basic human wants. C. Use all economic resources such that we satisfy the maximum amount of wants. D. Meet all of society’s wants.