A product with qualities that consumers lack the expertise to assess without assistance is called a(n)

The BLS reported that the CPI in July 2010 was 226 . This news tells you that _______

A. consumer prices during July were 226 percent higher than they were during the base year B. the CPI inflation rate in July was 26 percent a year C. consumer prices rose by 26 percent during the month of July D. the prices of consumption goods and services have risen, on average, by 126 percent since the base year

In the late 1980s, the health benefits of oat bran were widely advertised. If the price of oats increased 50%, causing the quantity of oats supplied to increase by 40%, then the price elasticity of supply was

A) 1.25. B) -1.25. C) -0.80. D) 0.80.