The Opportunity Cost of One More Slice of Pizza in Terms

question 25

Multiple Choice

The opportunity cost of one more slice of pizza in terms of sodas is the

• A) number of pizza slices we have to give up in order to get one extra soda.
• B) number of sodas we have to give up in order to get one extra pizza slice.
• C) total number of sodas that we have divided by the total number of pizza slices that we have.
• D) total number of pizza slices that we have divided by the total number of sodas that we have.
• E) price of a pizza slice minus the price of a soda.

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Definitions:

Sales of Ice Cream

The total revenue or quantity sold of ice cream over a specified period of time.

Sales of Soda

The commercial activities related to the buying and selling of carbonated soft drinks.

Correlation

The measure of the relationship between two variables or sets of data.

Outdoor Temperature

The temperature of the air outside, which can be influenced by various weather conditions and time of day.