An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Jen to produce one TV?

The goal of the consumer in a market economy is to use his or her limited income to buy

A. The goods and services that maximize profits for businesses. B. The greatest number of goods and services possible. C. The set of goods and services that maximizes the consumer's total utility. D. Those goods and services with the lowest prices.

Demand is said to be inelastic when

A. the absolute value of the price elasticity of demand exceeds 1. B. an increase in price results in a reduction in total revenue. C. a reduction in price results in an increase in total revenue. D. a reduction in price results in a decrease in total revenue.