If you enjoy playing golf, the opportunity cost of cleaning your room
a. is the same on sunny days as it is on rainy days
b. is greater on sunny days than it is on rainy days
c. is smaller on sunny days than it is on rainy days
d. does not change with the weather conditions
e. is equal to the opportunity cost of any other chore you have to do that day
B
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The demand for a good is more elastic if the
A) good is a necessity. B) good has few substitutes. C) good is narrowly defined. D) supply of the good is plentiful. E) Both answers B and C are correct.
A violinist will take no less than $40,000 a year touring with the Seattle Symphony Orchestra. Otherwise she would prefer to work as a music teacher in Seattle. The Orchestra actually pays her $75,000 . The rent component of her orchestra wage is
a. $40,000 b. $75,000 c. $115,000 d. $35,000 e. $0