Suppose the Price of Science Textbooks Increases by 50 Percent

question 140

Multiple Choice

Suppose the price of science textbooks increases by 50 percent. Suppose that the price of mystery novels also increases by 50 percent. The price of other books remains unchanged. The demand for science textbooks is _____ price elastic than the demand for mystery novels because science textbooks have _____ available substitutes.

• A) less; more
• B) more; less
• C) less; less
• D) more; more

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Definitions:

CERCLA Trust Fund

Also known as the Superfund, it is a fund established under the Comprehensive Environmental Response, Compensation, and Liability Act to finance the cleanup of hazardous substance spill and contamination sites.

Car Rental

A service where vehicles are rented out to customers for a short period of time, usually ranging from a few hours to weeks.

NEPA

The National Environmental Policy Act, a U.S. law aimed at ensuring federal agencies consider the environmental impact of their actions.

EIS

The Enterprise Investment Scheme, a series of UK tax reliefs designed to encourage investments in small and medium-sized growth companies.