A simplified representation of a particular problem is a:

Suppose that your tuition to attend college is $24,000 per year and you spend $8,000 per year on room and board. If you were working full time, you could earn $30,000 per year. What is your opportunity cost of attending college for one year?

A) $32,000 B) $38,000 C) $54,000 D) $62,000

If pizza is measured on the horizontal axis and pretzels are measured on the vertical axis, the slope of the production possibility frontier at a given combination reflects

A) the total cost of producing that combination. B) the total cost of producing that quantity of pizza in terms of pretzels. C) the cost of making the last pizza in terms of pretzels. D) the cost of making the last pretzel in terms of pizza.