Related to the Economics in Practice on page 25: How did the introduction of the microwave oven in 1960 affect the market for frozen food?
A) It encouraged people to leave the work force by making cooking easier and less time-consuming.
B) It reduced the opportunity cost of eating frozen food by decreasing the amount of time required to prepare frozen meals.
C) It increased the financial cost of alternative methods of food preparation, such as conventional ovens.
D) It made frozen foods more appealing by increasing the variety of meals that could be frozen and reheated.

Question

Quizplus · Accepted Answer

The introduction of the microwave oven in 1960 reduced the opportunity cost of eating frozen food by decreasing the amount of time required to prepare frozen meals. As a result, the demand for frozen food increased and the market for frozen food grew.

Related to the Economics in Practice on Page 25: How