1. What is the opportunity cost of a decision? * A. the most desirable alternative given up for the decision B. the different ways that a different person might have made the decision C. the best possible way the question could have been decided D. the series of alternative decisions that could have been made 2. What is the law of supply? A. the lower the price, the larger the quantity consumed. B.the higher the price, the larger the quantity produced. C.if the price of a good falls, new firms may enter the market. D. if the price of a good rises, some firms will produce less. 3. What impact would a sudden increase in the price of video games have on producers and consumers? How might each group respond to the change in price? 4. Explain how start-up costs and technology are barriers for creating a new business