Use the figure below, and the regular percentage change formula, to answer the following question: 
Assume that price decreases from $10 to $2. The price elasticity of supply is about
A. 0.35 and supply is inelastic.
B. 1 and supply is unit-elastic
C. 4 and supply is elastic.
D. 1.25 and supply is elastic.
Answer: A
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If the marginal utility of a product is diminishing relative to the marginal utility of other products, then _____
a. the consumer is in equilibrium b. the consumer has been purchasing relatively less of the product c. the consumer has been purchasing relatively more of the product d. the price of the product must have increased e. the price of the product must have decreased
Let us suppose that if Oprah Winfrey was not a superstar she would have been a judge making $100,000 per year. If she makes $63 million dollars this year, her opportunity cost is
A) $63.0 million. B) $63.1 million. C) $100,000. D) $62.9 million.