Refer to the scenario above. Thomas's arc elasticity of demand for wine is:

As the price of cell phones fell during the last decade, consumers' total expenditures on cell phones increased. If the demand curve for cell phones did not shift, this fact means that the demand for cell phones

A) must have shifted leftward. B) must be upward sloping. C) is elastic. D) is inelastic.

The distinction between M1 and M2 is based on

A. portability—the ease with which an asset can be moved. B. divisibility—the ease with which an asset can be used to make smaller payments. C. liquidity—the ease with which an asset can be converted into cash. D. storability—how long an asset will retain its value.