2. Which of the following statements about opportunity cost is correct?(A) Opportunity cost equals explicit cost.(B) Opportunity cost equals implicit cost.(C) Opportunity cost is not less than implicit cost.(D) Opportunity cost is greater than economic cost.

8. Assume the law of supply and the law of demand hold for a particular good. Whenthe price of the production factors for this good increases:(A) Both consumer surplus and producer surplus will increase.(B) Both consumer surplus and producer surplus will decrease.(C) Consumer surplus will increase, and producer surplus will decrease.(D) Consumer surplus will decrease, and producer surplus will increase.

2. Which of the following statements about opportunity cost is correct?
(A) Opportunity cost equals explicit cost.
(B) Opportunity cost equals implicit cost.
(C) Opportunity cost is not less than implicit cost.
(D) Opportunity cost is greater than economic cost.

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