Help! 1) What is the definition of " opportunity cost" ? Give an example (2 points).
2) Compare the difference between "Change in Supply "and " Change in Quantity Supplied". Discuss the causes and shape of curve.(2 points).
3) At what price does Shortage and Surplus occur ? Once a market has shortage and Surplus, then what happens to the market price? (2 points)
4) if a decrease in Demand is smaller than a decrease in Supply, what happens to an equilibrium price and output sales? (2 points)
5) if Coke price goes down, what happens to Pepsi demand? why? (2 points)