1) Which of the following statements is incorrect?

a.if supply declines and demand remains constant, equilibrium price will rise

b.if demand decreases and supply increases, equilibrium price will fall

c.if supply increases and demand remains constant, equilibrium price will fall

d.if demand increases and supply decreases, equilibrium price will fall

e.none of the above

2) A very talented T.A. has been offered three jobs.The first pays $25,000/year, the second pays $45,000/year, and the third pays $50,000/year.What is his/her opportunity cost of taking the second job?

a.$5,000

b.$95,000

c.$25,000

d.$50,000

e.None of the above.