Suppose the price elasticity of demand of for soy beans is 0.85. When the price of soybeans rises by 20 percent, the quantity demanded of soybeans falls by approximately _____________ percent

Consider the following three market baskets:

Food Clothing A 15 18 B 13 19 C 14 17 If baskets B and C are on the same indifference curve, and if preferences satisfy all four of the basic assumptions, then: A) A is preferred to C. B) A is preferred to B. C) Both A and B answer choices are correct. D) none of the above

In addition to the items one must give up in order to afford the cost of cigarettes, the opportunity cost of smoking includes

a. your enjoyment from smoking b. the health effects one places upon others c. your expected health effects and shortened life span d. harassment from nonsmokers e. smoking cessation advertising on television