Refer to Table 2-4. What is George's opportunity cost of cultivating a garden?
A) one-half of a garden cultivated B) two lawns mowed
C) two-thirds of a garden cultivated D) one and a half lawns mowed
B
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If the price of a a good increases by 10 percent and the quantity supplied increases by 5 percent, then the elasticity of supply is
A) greater than one and supply is elastic. B) negative and supply is inelastic. C) less than one and supply is elastic. D) less than one and supply is inelastic. E) greater than one and supply is inelastic.
The fraudulent delivery of low quality experience goods at high prices is more likely if
a. interest rates decline b. information about notorious firms is speedily disseminated c. price premiums for allegedly high quality increase d. sellers invest in non-transferable reputation e. none of the above