Use the Following to Answer Question

question 19

Multiple Choice

Use the following to answer question:
-(Table: The Market for Chocolate-Covered Peanuts) Use Table: The Market for Chocolate-Covered Peanuts.If the price of chocolate-covered peanuts is $0.60,the price will:

• A)not change.
• B)fall to $0.30.
• C)fall to $0.50.
• D)rise to $0.70.

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Definitions:

Opportunity Costs

Opportunity costs represent the benefits a person or business misses out on when choosing one alternative over another.

Implicit Costs

The opportunity costs of using resources that a firm already owns, representing the income the firm foregoes by using those resources internally rather than renting or selling them.

Explicit Costs

Explicit costs are direct, out-of-pocket payments for resources or services needed for production, such as wages, rent, and materials; they're easily quantifiable and recorded.

Explicit Costs

Direct, out-of-pocket expenses incurred in conducting a business activity or making a decision.