Jose Has One Evening in Which to Prepare for Two

question 147

Multiple Choice

Jose has one evening in which to prepare for two exams and can employ one of two possible strategies:
The opportunity cost of receiving a 92 on the statistics exam is __________ points on the economics exam.

• A)12
• B)11
• C)16
• D)77

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Definitions:

Elastic Supply

A situation where the quantity supplied changes significantly due to changes in the price.

Excise Tax

A specific tax levied on certain goods, services, or activities, often with the aim of reducing their consumption or raising government revenue.

Deadweight Loss

An economic inefficiency that occurs when there is a difference between the supply and demand equilibrium and the quantity of a good being produced and consumed.

Excise Tax

Excise tax is a specific tax levied on certain goods, services, or activities, typically to discourage their use or to raise revenue for specific government programs.