____________ is the process of making a choice between two or more alternatives

An increase in demand for a good can be caused by

A) a decrease in the price of a substitute good. B) a reduction in income if the good is a normal good. C) a decrease in the price of a complementary good. D) an increase in price of a complementary good.

Suppose you are deciding whether to spend your tax rebate check on a new iPod or a new digital camera. You are dealing with the concept of

A. the fallacy of composition. B. equity. C. comparative advantage. D. opportunity costs.