1. Opportunity cost can be best dened as: (a) money cost of a good or service (b) cost of resources to produce a good or service (c) labor hours it takes to produce a good or service (d) value of another good that could have been produced with the same resources 2. When the price of a product is above the equilibrium price, then: (:1) rms are likely to hold sales and reduce the price (b) consumers are bound to bid up the price of a good (c) there is a shortage of the product (d) consumers will try to buy in bulk before the price changes 3. Bad weather damages the sugar crop. The impact on the market for sugar will be a leftward shift in: (a) demand, as consumers try to economize because of the shortage (b) both the supply and demand curves (c) the supply curve (d) the supply curve, and a rightward shift in the demand, which will result in a higher price 4. All but one of the following will cause a decline in the demand for apples. Which is the exception? (a) an increase in the price of apples (b) a fall in the price of pears (c) a fall in the incomes of consumers (d) a fall in the number of consumers (e) a fall in the advertising expenditures of apple farmers 5. Which of the following is not a durable good? (a) a minivan (b) a pair of shoes (c) a kitchen table (d) a TV