The large increase in the elasticity of supply in crude oil during 2014-2015 created ________ price volatility.

Refer to the scenario above. If the individual places his bet on ten pockets, his likelihood of winning is:

A) 5%. B) 10%. C) 20%. D) 25%.

If the price of one good changes, what happens to the relative price and the slope of the household's budget line?

What will be an ideal response?