If a product has an elastic demand, it means that consumers are relatively insensitive to a change in the price of the product

An increase in subway fares in New York City will boost your expenditures on subway rides if

A) the supply of subway rides is elastic. B) the supply of subway rides is inelastic. C) your demand for subway rides is elastic. D) your demand for subway rides is inelastic.

Without money, no transaction can occur

a. True b. False Indicate whether the statement is true or false