Trina's Tropical Fish Store Sells Goldfish for $2 Each and Angelfish

question 101

Multiple Choice

Trina's Tropical Fish Store sells goldfish for $2 each and angelfish for $10 each.The opportunity cost of buying a goldfish is:

• A)5 angelfish
• B)1/5 of an angelfish
• C)$10
• D)$2

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Definitions:

Binder

An oral or a written memorandum of an agreement for insurance intended to provide temporary insurance coverage until the policy is formally accepted.

Insurance Coverage

The protection provided by an insurance policy against financial loss or damage, specifying what types of loss are compensated.

Adhesion Contract

A contract drawn by one party that must be accepted on a take-it-or-leave-it basis.

Warranty

A promise, typically by a manufacturer or seller, regarding the condition or performance of a product.