1. Explain why the consideration of opportunity costs may be very relevant to a firm. How can opportunity costs affect a business decision? Use an example to support your answer.
2. Think about a good or service for which you believe there has been a shift in demand or supply. Explain the reasons behind the shift and how that has influenced the equilibrium price.

with reference and at least brief explanation with example. thank you.

Froeb, L. M., McCann, B. T., Shor, M., & Ward, M. R. (2016).Managerial economics: A problem-solving approach(4th ed.). Boston, MA: Cengage Learning. ISBN-13: 9781305259331