Observations of consumer behavior suggest that when the price of gasoline rose above $3.50 per gallon, consumer demand for gas became considerably more price elastic

Your text suggests if the price of insulin were to significantly increase, more diabetics will

A) avoid refilling their prescriptions. B) turn toward substitutes such as a better diet and exercise. C) adopt holistic healthcare, organic medicines, and other perceived substitutes. D) do all of the above. E) do none of the above.

Fill in the blank: ________ cost refers to the next-best option a person gives up when making a choice

A) Accounting B) Objective C) Efficient D) Opportunity E) Regrettable