The Demand for a Subway Ride Is Likely _____ Price

question 79

Multiple Choice

The demand for a subway ride is likely _____ price elastic than the demand for a car because _____.

• A) less; a subway ride requires a smaller portion of one's income
• B) more; a subway ride requires a smaller portion of one's income
• C) less; consumers will take a longer time to adjust to a change in the price of a subway ride
• D) more; consumers will take a longer time to adjust to a change in the price of a subway ride

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Definitions:

Worker Productivity

Worker productivity measures the output of goods and services produced per unit of labor input, often considered over a specific period of time.

Capital Required

The total amount of financial resources needed to fund a business’s operations and investments, including starting costs, assets, and working capital.

Natural Resources

Materials or substances occurring in nature which can be exploited for economic gain, including water, minerals, forests, and fossil fuels.

Worker Productivity

The measure of the output of goods or services produced by an employee within a given time frame.