1) Consider two individuals Celia and Sondra who produce bracelets and pendants.
1) Consider two individuals Celia and Sondra who produce bracelets and pendants. Table 3.1 shows how much of each good Celia and Sondra can produce in one hour. Sondras opportunity cost of one pendant isA) 2 bracelets.B) 4 bracelets.C) 5 bracelets.D) 10 bracelets.2) The Law of Demand can be explained asA) a lot of people wanting the same thing.B) the higher the price the smaller the quantity demanded ceteris paribus.C) people are willing to make limited sacrifices to acquire products.D) legal reasons people make purchases in the marketplace.3) Figure 4.3 illustrates the demand for tacos. Assume tacos are an inferior good. An increase in income would bring about a movement fromA) point b to point c.B) point b to point a.C) D1 to D0.D) D1 to D2.4) The price of pens increases from $2 to $2.20. At the same time the quantity of pens demanded decreases from 100 to 90. Demand for pens is:A) perfectly inelastic.B) inelastic.C) unitary elastic.D) elastic.
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