Consider a market for fish whose market demand and market supply for fish are specified as Qd = 300 ? 2.5P and Qs = ? 20 + 1.5P, respectively. The government decides to impose a price ceiling of $50 per ton. The possible black market price after the ceiling is:

Which of the following statements is FALSE?

A) Saving helps create economic growth. B) Improvements in quality of education are important for economic growth. C) Free international trade helps create economic growth. D) Faster population growth is the key to growth in real GDP per person. E) Economic freedom requires property rights.

Opportunity cost is

A. the value of the next best alternative which was given up. B. the same thing as the money price of a good. C. based on the intrinsic value of the good itself. D. the combined value of all the alternatives not selected.