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Figure: Shifts in Demand and Supply
-(Figure: Shifts in Demand and Supply) Look at the figure Shifts in Demand and Supply. The figure shows how supply and demand might shift in response to specific events. Suppose scientists discover that eating a tomato a day prevents aging. Which panel BEST describes how this will affect the market for tomatoes?
Opportunity Cost
The potential benefit that is missed out on when choosing one alternative over another.
Production Possibilities
Production possibilities refer to the different combinations of goods and services that an economy can produce given its available resources and technology, illustrated by the production possibilities frontier (PPF).
Consumer Goods
Products and services that are consumed by individuals or households to satisfy their immediate needs and wants.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or choosing an action.
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