Which of the Following Will Lead to a Change in the Opportunity

question 110

Multiple Choice

Which of the following will lead to a change in the opportunity cost of buying a pen in terms of a pencil?

• A) An increase in the consumer's income
• B) A decrease in the consumer's income
• C) A twofold increase in the prices of both pens and pencils
• D) A twofold increase in the price of pens and a threefold increase in the price of pencils

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Definitions:

Random Events

Outcomes or occurrences that cannot be predicted with certainty due to the random nature of the underlying process.

Probability Space

The mathematical framework for probability in which a sample space, together with a probability measure, models the outcome of a random experiment.

First Grader

A student in the first grade of school, typically aged six to seven years old, in the initial stage of formal education.

Fourth Grader

A student who is in the fourth grade, typically around 9 to 10 years old, subject to curriculum standards that include various basic subjects.