Which One of the Following Is the Best Example of a Personal

question 14

Multiple Choice

Which one of the following is the best example of a personal opportunity cost associated with a consumer purchase?

• A)Enjoyment derived from owning an item
• B)Taxes paid on purchases
• C)Money spent by stores on advertising
• D)Time and effort spent on comparison shopping
• E)Efforts by the government to prevent consumer fraud

---

Definitions:

Supply Curve

A graphical representation showing the correlation between the price of a good or service and the amount that suppliers are willing to produce and sell at each price level.

Quantity Demanded

The aggregate quantity of a product or service that buyers are ready and able to buy at a specific price point during a certain timeframe.

Quantity Supplied

The sum total of a product or service that manufacturers are ready and capable of offering for sale at a particular price during a defined timeframe.

Oropharynx

The middle part of the throat behind the mouth, which includes the back one-third of the tongue, tonsils, and soft palate.