Opportunity cost is the:
a. cost incurred when one fails to take advantage of an opportunity.
b. price paid for goods and services.
c. cost of the best option forgone as a result of choosing an alternative option.
d. undesirable aspects of an option.
c
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For a good that is a necessity, demand
a. tends to be inelastic. b. tends to be elastic. c. has unit elasticity. d. cannot be represented by a demand curve in the usual way.
If the Federal Reserve accommodates an adverse supply shock,
a. inflation expectations may rise which shifts the short-run Phillips curve shifts right. b. inflation expectations may rise which shifts the short-run Phillips curve shifts left. c. inflation expectations may fall which shifts the short-run Phillips curve shifts right. d. inflation expectations may fall which shifts the short-run Phillips curve shifts left