If Veronica withdraws $1,500 from her checking account and holds it as currency, then M1 will ________ and M2 will ________

What are scarce resources? Why are economic agents concerned with the allocation of these resources?

What will be an ideal response?

When we choose a particular option, we must give up alternative options. The highest-valued alternative forgone is the ________ of the option chosen

A) opportunity cost B) comparative advantage C) nonmonetary cost D) absolute advantage