\fRefer to the attached Section 1_Midterm 1_Graph 7. What is the opportunity cost of one pair of ballet slippers for Fred? Section 1_Midterm 1_Graph 7.docx 72 KB A. 1/3 pair of tap shoes O B. 3/5 pair of tap shoes O C. 1/5 pair of tap shoes D. 5/3 pairs of tap shoesMarket demand is given as Qd = 80 2P. Market supply is given as Qs = 2P. In a perfectly competitive equilibrium, what will be price and quantity traded in the market? 0 A. price will be $10 and quantity will be 20 O B. price will be $40 and quantity will be 20 O C. price will be $20 and quantity will be 10 O D. price will be $20 and quantity will be 40 If a shortage exists in a market, what do we know? O A. The actual price is below equilibrium price, and quantity demanded is greater than quantity supplied. O B. The actual price is above equilibrium price, and quantity supplied is greater than quantity demanded. O C. The actual price is above equilibrium price, and quantity demanded is greater than quantity supplied. O D. The actual price is below equilibrium price, and quantity supplied is greater than quantity demanded Reset Selection \fRefer to the attached Section 1_Midterm 1_Graph 8. Suppose the economy is at point A. What is the opportunity cost of increasing the production of toothbrushes by 10 units? Section 1_Midterm 1_Graph 8.docx 63 KB O A. 10 toasters O B. 15toasters O C. 20 toasters O D. 5 toasters Reset Selection What does a normative statement describe? O A. how the world is O 8. how the world was in the past O C. how the world ought to be O D. how the world will be in the future Reset Selection What is the production possibilities frontier? O A. a graph that shows the various combinations of output the economy can possibly produce given the available resources and technology O B, a graph that shows the various combinations of resources that can be used to produce a given level of output O C. a map that shows areas of the world in which capitalist production is highest 0 D. a map that shows the frontier beyond which technological innovation is unprofitable