All opportunity costs are trade-offs, however all trade-offs are not opportunity
ID: 1191908 • Letter: A
Question
All opportunity costs are trade-offs, however all trade-offs are not opportunity costs. a. True b. False
When economists say the quantity supplied of a product has increased, they mean the a. supply curve has shifted to the left. b.
price of the product has risen, and consequently, suppliers are producing more of it.
price of the product has fallen, and consequently, suppliers are producing less of it.
supply curve has shifted to the right.
price of the product has risen, and consequently, suppliers are producing more of it.
c.price of the product has fallen, and consequently, suppliers are producing less of it.
d.supply curve has shifted to the right.
Explanation / Answer
a. true
b. price of the product has risen, and consequently, suppliers are producing more of it.