The opportunity cost of any decision is what is given up as a result of that decision. Opportunity cost includes both explicit costs and implicit costs. The firms economic profits are calculated using opportunity costs. Accounting profits are calculated using only explicit costs.
A statement which best illustrates the law of demand is: (d) Sue wants to buy more candy bars at $1 than at $2.
<h3>What is the
law of
demand?</h3>
The law of demand is an economic theory which states that there exist a negative relationship between the price of a product (good) and the quantity of the product (good) that is being demanded by consumers.
This ultimately implies that, there would be a significant decline (fall) in the demand for a product (good) and service when the price of a product (good) and service in the market increases (rises).
In this context, we can infer and logically deduce that a statement which best illustrates the law of demand is stating that Sue wants to buy more candy bars at a price of $1 rather than at price of $2.
Read more on the law of demand here: brainly.com/question/17156486
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Complete Question:
Which of the choices illustrates the law of demand?
(a) Kathy offers for sale more candy bars at $2 than at $1.
(b) Joe wants to buy more candy bars at $2 than at $1.
(c) None of the choices.
(d) Sue wants to buy more candy bars at $1 than at $2.
Answer:
The two main consumers of water are thermoelectric power and irrigation. So I'd say don't water your lawn as much and always turn your lights off when your not using them. And you could always take shorter showers.
Explanation:
may you please right the choices for us to pick and thank you
