The opportunity cost of going to the movies is always the same for everyone

When the percentage change in the quantity demanded is less than the percentage change in price, then demand is

A) inelastic. B) unit elastic. C) elastic. D) irrelevant. E) undefined.

The fact that an ounce of gold is priced higher than an ounce of chocolate suggests that:

A. The marginal utility of the last unit of gold consumed is greater than the marginal utility of the last unit of chocolate consumed B. The total utility of gold is greater than the total utility of chocolate C. Gold is a normal good while chocolate is an inferior good D. There are many substitutes for chocolate, but few for gold