*18. Which of the following best defines opportunity cost? O A. It is the cost of producing those goods most desired by a given economy O B. It is the cost of the input mix that will lead to the greatest rate of growth for a given company O C. It is the amount of one product that must be given up in order to produce an additional unit of another product O D. It is the use of the least-cost method of production O E. It is the cost of labor used in the production process *19. Which of the following is not considered a renewable source of energy? O A. Hydroelectric power O B. Geothermal heat O C. Wind energy O D. Natural gas *20. According to the law of diminishing marginal utility, which of the following is true? O A. Total satisfaction decreases as more units of good are consumed. O B. The additional satisfaction received from consuming extra units of a good decreases as consumption of the good increases. O C. The additional satisfaction received from consuming extra units of a good decreases as consumption of the good decreases. O D. When marginal utility is decreasing, total utility is decreasing. *21. If the inflation rate in the United States in 2021 were greater than zero, the percent change in real 2021 Gross Domestic Product would be the percent change in nominal 2021 Gross Domestic Product in the United States. O A. Greater than O B. Less than O C. Equal to#22_ If the supply of a typical product decreases, the price of that product would likely . IFthe demand For a typical product decreases, the price of that product would likely ; ) A.Increase; Increase () B. Decrease; Decrease () C.lIncrease; Decrease () D. Decrease; Increase #23. A perfectly competitive Factory that generates significant amounts of pollution (a negative externality) will produce too much product from 2 social poink of view. O A.True () B. False #24_|f good A and good B are complimentary goods, an increase in the price of good B will the demand for good A. If good A and good B are substitute goods, a decrease in the price of good B will __ the demand for good A. () A.Increase, increase () B. Decrease, decrease (O C.Increase, decrease () D. Decrease, increase #25. When calculating the cost per IMWh For electricity solutions, all of the Following are included except For: (O A.Initial capital costs (amortized) (O B. Maintenance (O C.Decommissioning (0 D. Future incentives that may be provided by legislation