What is the best definition of the term opportunity cost? A. The incentives used to encourage people to make a decision B. The benefits lost when making one choice over another C. The change in production cost from producing extra items D. The projected profit made from selling a new product

Consider the market for gasoline. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $17.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect the government has instituted a legal minimum price of $3.40 per gallon for gasoline. the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from paying more than $14.50 per hour.

Who owns a renter-occupied apartment? a. the government b. a landlord c. the resident d. a cooperative

If china enforces the software procurement regulation, the most likely result is