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The price of oranges has risen dramatically. Which of the following is likely to happen! A) The supply of oranges will increase B) The quantity

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The price of oranges has risen dramatically. Which of the following is likely to happen! A) The supply of oranges will increase B) The quantity of oranges supplied will increase The quantity of oranges supplied will decrease D) The supply of oranges will decrease. 35) Flour is used to produce bread. If the price of flour increases A) the supply of bread increases. B) the demand for bread decreases the supply of bread decreases. D) the demand for bread increases 36) If the number of banana producers increases A) the demand for bananas increases the supply of bananas decreases B) the supply of bananas increases D) the demand for bananas decreases 37) The principle that the cost of something is equal to what is sacrificed to get it is known as the A) principle of opportunity cost. B) reality principle. C) marginal principle. D) principle of diminishing retums. 38) Suppose that your tuition to attend college is $10,000 per year and you spend $4.000 per year on room and board. If you were working full time, you could earn $20,000 per year. What is your opportunity cost of attending college for one year? A) $30,000 B) $14,000 $34,000 D) $24,000 39) The opportunity cost of going to college A) includes wages you lose by going to school instead of working B) is zero if your parents pay your tuition C) is the same for all students at a particular school who pay full tuition D) is equal to the cost of tuition, room and board, and other expenses. 40) 40) Suppose that you own a house. What is the opportunity cost of living in the house? A) There is no opportunity cost unless you could set up a business in the house. B) There is no opportunity cost because you own the house. C) The opportunity cost is the rent you could have received from a tenant if you didn't live there D) The opportunity cost is the cost of your monthly mortgage payment plus bills

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