This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.
ScanSolve AI Answer
Step 1: Solve Question 1. Opportunity cost is the value of the next best alternative foregone. It is often referred to as the real cost of a decision. The correct option is (d). Answer for 1: real Step 2: Solve Question 2. The order of ranking needs according to their importance is known as a scale of preference. This helps individuals and societies make choices when faced with scarcity. The correct option is (c). Answer for 2: scale of preference Step 3: Solve Question 3. To find the median, first arrange the scores in ascending order: $2, 5, 15, 18,