The night before a midterm exam, you decide to go to the movies instead of studying for the exam. You score 60 percent on your exam. If you had studied the night before, you’d have scored 70 percent. What was the opportunity cost of your evening at the movies?

The price of a bus ride decreases, and the total revenue of the bus company decreases. The demand for bus rides is ________.

Changes in which of the following shifts the supply curve of hamburgers?

Which of the following factors will make the demand for a product more elastic?

Price(dollarsper ride) Quantity demanded(rides per day) Quantitysupplied(rides per day) 2 100 40 4 90 50 6 80 60 8 70 70 10 60 80 12 50 90 The table gives the demand and supply schedules for boat rides. If the supply of boat rides increases by 20 rides a day, the price will ________.

Resource use is allocatively efficient when

When the demand for a good is inelastic and its price increases, the total revenue from the sale of the good will ________.

The statement “The unemployment rate for teens is higher than that for adults” is

If the price is above the equilibrium price, then there is a

Because we face scarcity, every choice involves