a. Sketch the marginal benefit curves for tea in the United States before and after Americans began

Question:

a. Sketch the marginal benefit curves for tea in the United States before and after Americans began to appreciate the health benefits of loose tea.
b. Explain how the quantity of loose tea that achieves allocative efficiency has changed.
c. Does the change in preferences toward tea affect the of producing tea? Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...