The opportunity cost of good A in terms of good B is equal to the
A.money price of good A minus the money price of good B.
B.money price of good B minus the money price of good A.
C.ratio of the money price of good A to the money price of good B.
D.ratio of the money price of good B to the money price of good A.
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The opportunity cost of a good is the same as its
A.money price.
B.relative price.
C.price index.
D.none of the above
If income increases or the price of a complement falls, the
A.demand curve for a normal good shifts leftward.
B.demand curve for a normal good shifts rightward.
C.supply curve of a normal good shifts leftward.
D.supply curve of a normal good shifts rightward.
The law of demand states that the quantity of a good demanded varies
A.inversely with its price.
B.inversely with the price of substitute goods.
C.directly with income.
D.directly with population.
If the price of chocolate chip cookies rises, then
A.the demand curve for chocolate chip cookies shifts rightward.
B.the demand curve for chocolate chip cookies shifts leftward.
C.there is a movement downward along the demand curve for chocolate chip cookies.
D.there is a movement upward along the demand curve for chocolate chip cookies.
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