The more time consumers have to adjust to a change in price:

A. the smaller will be the price elasticity of demand.
B. the greater will be the price elasticity of demand.
C. the more likely the product is a normal good.
D. the more likely the product is an inferior good.

Answer: B

Economics

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Refer to Table 2-15. 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

Economics

Suppose people value clean air more as their incomes increase, then

A) the marginal cost curve of pollution abatement to shift left, increasing the degree of air quality. B) the marginal cost curve of pollution abatement to shift right, increasing the degree of air quality. C) the marginal benefit curve of pollution abatement to shift right, increasing the degree of air quality. D) the marginal benefit curve of pollution abatement to shift left, increasing the degree of air quality.

Economics