In general, elasticity is a measure of（）
A. the extent to which advances in technology are adopted by producers
B. the extent to which a market is competitive
C. how firms’ profits respond to changes in market prices
D. how much buyers and sellers respond to changes in market conditions
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When computing the opportunity cost of attending a basketball game you should include（）
A. the price you pay for the ticket and the value of your time
B. the price you pay for the ticket, but not the value of your time
C. the value of your time, but not the price you pay for the ticket
D. neither the price of the ticket nor the value of your time
Suppose the cost of flying a 100seat plane for an airline is $50,000 and there are 10 empty seats on a flight. The average cost per seat is（）
A. $50
B. $500
C. $50,000
D. This cannot be determined from the information given
In a competitive market, the price of a product（）
A. is determined by buyers, and the quantity of the product produced is determined by sellers
B. is determined by sellers, and the quantity of the product produced is determined by buyers
C. and the quantity of the product produced are both determined by sellers
D. None of these answers is correct
You have driven 800 miles on a vacation and then you notice that you are only 15 miles from an attraction you hadn’t known about, but would really like to see. In computing the opportunity cost of vis
A. both the cost of driving the first 800 miles and the next 15 miles
B. the cost of driving the first 800 miles, but not the cost of driving the next 15 miles
C. the cost of driving the next 15 miles, but not the cost of driving the first 800 miles
D. neither the cost of driving the first 800 miles nor the cost of driving the next 15 miles
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