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What is an opportunity cost?

Economics

Learning Goal: I’m working on a economics exercise and need an explanation and answer to help me learn.1.Suppose you have a market for sushi which is currently in equilibrium. Thinking of the supply and demand graph for this market, what would have to happen to cause both the equilibrium quantity of sushi in this market to rise and the equilibrium price of sushi in this market to fall? Is this even something that could happen?In your answer, please pay attention to and describe what would have to happen to the supply and demand. (You may of course elaborate with any hypothetical “real life” reasons for any changes in the graph too.)2. Please answer the following:1. What is a trade-off? 2. What is an opportunity cost? Is an opportunity cost the same thing as a trade-off, or are there any differences (be sure to explain your answer). 3. Why is the concept of trade-offs/ opportunity costs important in economics? In other words, what is it about economics which requires us to discuss these topics?View keyboard shortcutsEditViewInsertFormatToolsTable12ptParagraph
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