The lesson of ____________ is to forget about the money that’s irretrievebly gone and instead foscus on the marginal costs and benefits of future options. 

Most choices involve _______________, which compares the benefits and costs of choosing a little more or a little less of a good. 

A student attends a community college which maintains a daily parking fee stucture (which includes night classes) and has night classes. Assume the following: “If I did not have class tonight, I would save the $4.00 campus parking fee and spend four hours at work. I earn $10.00 per hour.” What is the opportunity cost of attending class this evening? 

Supply is said to be _______ when the quantity supplied is very responsive to changes in price.

If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. This is known as:

The elasticity of supply is defined as the __________ change in quanity supplied divided by the ____________ change in price.

A drought decreases the supply of agricultural products, which means that at any given price a lower quantity will be supplied; conversely, especially good weather would shift the:

Which of the following would most likely shift the production possibilities frontier inward?

Youth smoking seems to be more ___________ than adult smoking. That is, the quantity of youth smoking will fall by a greater percentage than the quantity of adult smoking in response to a given percentage increase in price.

The _____________ is the only price where quantity demanded is equal to quanity supplied.