________ is the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors

Once you find the opportunity cost of producing one unit of a good, to find the opportunity cost of producing the other good, you must

A) take the inverse. B) do nothing because the opportunity cost for the first good is the same as the opportunity cost for the second good. C) multiply by the total amount produced of the second good. D) divide by the total amount produced of the second good. E) None of the answers is correct.

A hot dog vendor on a street corner could increase the quantity of hot dogs her customers demand by 12 percent if she lowers the price of a hot dog 10 percent. The demand for the hot dogs is

A) cross elastic. B) arc elastic. C) unit elastic. D) elastic.