(Answered) Assignment1 what is the definition of opportunity cost give

Economics

Assignment

1) What is the definition of "opportunity cost"? Give an example.

2) Compare the difference between "Change in Demand "and "Change in Quantity demanded".

3) At what price does Shortage and Surplus occur ? Once a market has shortage and Surplus, then what happens to the market price?

4) With a given demand, if there is a decrease in Supply, what happens to an equilibrium price and output sales?

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