If a sandwich shop near campus increases its prices by 5 percent, but revenues from its sales are unchanged, the price elasticity of demand for the services offered by the sandwich shop must be

Utility is:

a. easily measured, because all people derive the same utility from consumption. b. easily measured, because it is an objective concept. c. easily measured, because it is a subjective concept. d. hard to measure, because it is a subjective concept. e. hard to measure, because it is an objective concept.

The opportunity cost of holding money:

A. is zero because money is not an economic resource. B. varies inversely with the interest rate. C. varies directly with the interest rate. D. varies inversely with the level of economic activity.