Which of the following is NOT a determinant of the price elasticity of demand?

A) the availability of potential substitutes
B) the share of the budget spent on the item
C) the time the consumer has to adjust to the price change
D) the cost to produce the product

D

Economics

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Money is a convenience that makes the economic pie bigger

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Refer to Table 2-17. What is James's opportunity cost of making a wagon?

A) 2 tricycles B) 1/2 of a tricycle C) 3/4 of a wagon D) 1/2 of a wagon

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