Which of the following statements is true?
A) Optimizers with the highest opportunity cost of time push up the rental price of apartments with the highest commute time.
B) Optimizers with the lowest opportunity cost of time push up the rental price of apartments with the lowest commute time.
C) As the rental prices of downtown apartments rise, only workers with the highest opportunity cost of time will be willing to rent them.
D) As the rental prices of downtown apartments rise, only workers with the lowest opportunity cost of time will be willing to rent them.
C
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Suppose the government wants to reduce the illegal importation of exotic animals used as pets and tries to achieve this goal by interrupting the supply of illegally imported exotic animals
If the demand for these animals is highly elastic, this government effort will result in A) a small reduction in the quantity of exotic pets demanded. B) a large reduction in the quantity of exotic pets demanded. C) no change in the quantity of exotic pets demanded. D) an increase in the quantity of exotic pets demanded.
Which of the following decreases during recessions?
a. real GDP b. unemployment c. layoffs and consumer spending d. layoffs but not consumer spending