________ refers to the implicit cost associated with the next best alternative in a set of choices available to decision-makers

Refer to the above table. At a price below $5, the absolute price elasticity of demand is

A) 1.0. B) below 1. C) between 0.8 and 1.0. D) greater than 1.

If the exchange rate (dollars per unit of foreign currency) has increased, we say there has been a(n)

a. appreciation of the foreign currency b. depreciation of the foreign currency c. revaluation of the foreign currency d. devaluation of the foreign currency e. fixing of the foreign currency