An example of opportunity cost:
a. is the Chinese food that you gave up when you chose to eat Italian food.
b. is the tuition that you pay to attend college.
c. for a professor of economics is the pleasure that he or she derives from teaching economics.
d. is sweets given up by a person who would never eat them even if he or she could.
e. is the amount spent on buying movie tickets.
a
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Demand and supply curves are drawn assuming ceteris paribus. This means that:
A) economists ignore all assumptions. B) economists don't watch for the fallacy of false cause. C) changes will be proportional. D) all other things besides price and quantity are assumed unchanged.
Refer to Table 2-1. Assume Tomaso's Trattoria only produces pizzas and calzones. A combination of 24 pizzas and 30 calzones would appear
A) along Tomaso's production possibilities frontier. B) inside Tomaso's production possibilities frontier. C) outside Tomaso's production possibilities frontier. D) at the horizontal intercept of Tomaso's production possibilities frontier.