Table 22 -Refer to Table 2

question 183

Multiple Choice

Table 2.2
$$\begin{array} { | l | l | l | l | l | l | } \hline \text { Option } & \mathrm { A } & \mathrm { B } & \mathrm { C } & \mathrm { D } & \mathrm { E } \\\hline \text { Amount } & \$ 100 & \$ 50 & \$ 25 & \$ 15 & \$ 0 \\\hline\end{array}$$
-Refer to Table 2.2. You have $100 to spend and five options to choose from. What is the opportunity cost if you spent all the $100?

• A) $100
• B) $50 in terms of D
• C) $15 in terms in terms of B
• D) the total value of all the options
• E) the value of the option given up if A were not chosen

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Definitions:

Price Elasticity of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good.

Government Program

An initiative undertaken by a government to address public needs in areas such as health, education, and welfare.

Market Price

Is the current price at which an asset or service can be bought or sold in a marketplace.

Price Rises

An increase in the monetary cost of goods or services over time, typically measured by inflation rates.