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.
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.
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