When there is a shortage, sellers have an incentive to their price and buyers ha

Question

When there is a shortage, sellers have an incentive to their price and buyers have an incentive to offer a price. increase; lower decrease; lower decrease; higher increase; higher The opportunity cost of a choice is; the value of the opportunities lost. the net value of the opportunities gained. the difference between the benefits and costs of the choice. sometimes positive or negative. By law, workers pay half the Social Security tax and employers pay the other half. Is this a fair way to allocate the tax? No, workers should pay the whole tax. No, employers should pay the whole tax. Yes, the legal responsibility for the tax has nothing to do with who ultimately pays, so it is as good an allocation as any other. Economics cannot answer such a question. Figure: Countries A and B

Explanation / Answer

ans 27

increase, higher

ans 28

a) value of the opportunities lost

ans 29

c) yes.....any other

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