________: the economic sacrifice of not doing something else or foregoing another opportunity
Fill in the blank(s) with correct word
Opportunity cost
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If, in response to a decrease in the price of grapes, the quantity of grapes demanded increases, economists would describe this as
A) a change in consumer income. B) an increase in quantity demanded. C) an increase in consumers' taste for grapes. D) an increase in demand.
According to the graph shown, if the price were $5 a:
A. shortage would exist, signaling sellers to leave the market.
B. shortage would exist, signaling buyers to bid up the price.
C. surplus would exist, signaling sellers to drop their price.
D. surplus would exist, signaling buyers to bid up the price.
In 1986, Ken bought a Ford Mustang for $8,000 . If the price index was 122 in 1986 and the price index was 280 in 2011, then what is the price of the Mustang in 2011 dollars?
a. $3,485.71 b. $8,100.71 c. $18,360.66 d. $22,400.00
This graph shows what causes
A. cost-push inflation.
B. demand-pull inflation.
C. neither cost-push nor demand-pull inflation.