In Exhibit 11­2, Opportunity Cost in Equilibrium Equals

question 4

Multiple Choice

In Exhibit 11­2, opportunity cost in equilibrium equals

• A)$40
• B)$60
• C)$100
• D)$700
• E)$300

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Definitions:

Northwest Ordinance

A law passed in 1787 that provided a model for the organization of territories and set a precedent for the creation of new states.

Political System

The system of government by which a country or community is administered and regulated, encompassing institutions, political organizations, and norms.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, often measured by the rise in Gross Domestic Product (GDP).

Sovereignty

The supreme power or authority of a state to govern itself or another state, often relating to its independence and control over its territory.