An early frost in the vineyards of Napa Valley would cause a(n)
a. increase in the demand for wine, increasing price.
b. increase in the supply of wine, decreasing price.
c. decrease in the demand for wine, decreasing price.
d. decrease in the supply of wine, increasing price.
d
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A ticket to an Eric Clapton concert costs $45. If you have a ticket, you can “scalp” it (sell it illegally) for $75. To a ticket holder, the opportunity cost of actually attending the concert is
A. $45. B. $50. C. $75. D. $115.
A rational person may remain less than fully informed on an issue to be decided in an election
a. True b. False Indicate whether the statement is true or false
Suppose you are given a $100 gift card and you choose to spend it on a number of goods. You will select a combination of goods that is best for you and that maximizes your satisfaction. In other words, your choices will account for the effects of:
a. marginal benefits and marginal costs of each good considered b. attainable and unattainable combinations of the goods under consideration c. the available supply of each good considered d. scarce resources in the production of each good consideration
Under perfect competition, the individual firm's quantity is 
Figure 42.2
A. Q1. B. Q2. C. Qa. D. Qb.