Answer to Question #146857 in Microeconomics for Ali

Question

In past 50 years the frozen food industry in U.S has grown from $1billion to $27 billion. Discuss the role of opportunity cost in our lives with regards to this huge growth in the frozen food market in the U.S

Answer 1

The frozen food industry has grown faster since most individuals prefer buying frozen to fresh foods. Frozen food is approximately 50 percent cheaper than fresh foods; therefore, most people find it cost-effective to purchase frozen food. Besides, frozen foods are easy to use, carry, and store; accordingly, most US individuals prefer them to fresh food, resulting in the massive growth of the USA's frozen food market.