Transcription of Chapter DEMAND AND SUPPLY - Chang Jung Christian …
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Chapter DEMAND AND SUPPLY - Chang Jung Christian …
C h a p t e r 3 DEMAND AND. SUPPLY . Topic: Price and Opportunity Cost Markets and Prices Skill: Analytical 4) The opportunity cost of good A in terms of good Topic: Price and Opportunity Cost Skill: Conceptual B is equal to the 1) A relative price is A) price of good A minus the price of good B. A) the slope of the DEMAND curve. B) price of good B minus the price of good A. B) the difference between one price and another. C) ratio of the price of good A to the price of good C) the slope of the SUPPLY curve. B. D) the ratio of one price to another. D) ratio of the price of good B to the price of good Answer: D A. Answer: C. Topic: Price and Opportunity Cost Skill: Conceptual Topic: Price and Opportunity Cost 2) If the price of a candy bar is $1 and the price of a Skill: Analytical fast food meal is $5, 5) The opportunity cost of a hot dog in terms of hamburgers is A) the relative price of a candy bar is 5 fast food meals.
96 CHAPTER 3 Topic: Change in Demand, Prices of Related Goods Skill: Recognition 24) A complement is a good A) of lower quality than another good. B) used in conjunction with another good.
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