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Your answer to the homework has to be more than five(5) sentences for each question based on researched facts and logical analysis to earn the full credit.
1) What is the definition of ” opportunity cost” ? Give an example (2 points).
2) Compare the difference between “Change in Supply “and ” Change in Quantity Supplied”. Discuss the causes and shape of curve.(2 points).
3) At what price does Shortage and Surplus occur ? Once a market has shortage and Surplus, then what happens to the market price? (2 points)
4) if a decrease in Demand is smaller than a decrease in Supply, what happens to an equilibrium price and output sales? (2 points)
5) if Coke price goes down, what happens to Pepsi demand? why? (2 points)

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