The price elasticity of demand for a commodity is determined primarily by the
a. size of the consumer surplus.
b. attractiveness of the substitutes for the good.
c. incomes of consumers.
d. availability of complementary goods.
B
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To diversify, a homeowner with a variable-rate mortgage should choose investments that
a. pay higher returns when interest rates rise and lower returns when interest rates fall. b. pay lower returns when interest rates rise and higher returns when interest rates fall. c. provide a higher return than the market average. d. provide a lower return than the market average.
Over the last 80 years, the average annual U.S. inflation rate was about
a. 3.6 percent, implying that prices have increased 16-fold. b. 4 percent, implying that prices have increased 17-fold. c. 4 percent, implying that prices have increased 16-fold. d. 3.6 percent, implying that prices increased about 17-fold.