The opportunity cost of leisure is impossible to measure because we cannot measure leisure time in dollars

Supply and demand analysis

a. can be used to understand solutions to pollution, but not causes. b. can be used to analyze how externalities lead to environmental problems. c. cannot be used to analyze pollution, which is a physical and chemical problem. d. cannot be used to solve the pollution problem, but can be used to analyze it.

The elasticity of demand for a product is likely to be greater:

A. if the product is a necessity, rather than a luxury good. B. the greater the amount of time over which buyers adjust to a price change. C. the smaller the proportion of one's income spent on the product. D. the smaller the number of substitute products available.