Because there are numerous choices for fast food purchases, the price elasticity of demand for Taco Bell food is likely

A school teacher gets paid today in money, but plans to spend the money in six months on a vacation. This illustrates which function of money?

A) medium of exchange B) store of value C) standard of value D) serving as a commodity

According to opportunity-cost theory, people will find themselves increasingly "short of time" when

A) their demand curves become less elastic. B) their demand curves become more elastic. C) their income declines. D) they become wealthier. E) they lose valuable opportunities.