The opportunity cost of a decision is the
A) value of the best alternative not chosen.
B) value of all the alternatives not chosen.
C) cost of making the wrong choice.
D) cost incurred by others who are unhappy with your decision.
Answer: A
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When disposable income increases,
A) the consumption function shifts downward. B) there is a movement downward along the consumption function, but the consumption function does not shift. C) there is no movement along the consumption function, and the consumption function does not shift. D) the consumption function shifts upward. E) there is a movement upward along the consumption function, but the consumption function does not shift.
In the long run, the number of firms in an industry may change. If the number of firms increases, then
A) the supply curve will shift outward to the right. B) the demand curve will shift outward to the right. C) the supply curve will shift inward to the left. D) the demand curve will shift inward to the left.