What Is the Common Feature Displayed by the Following Items

question 26

Multiple Choice

What is the common feature displayed by the following items?
A.eating in a newly opened "fusion" cuisine restaurant
B.attending a Red Sox game in Fenway Park
C.wearing Lucky Brand designer jeans

• A)They are all highly inelastic goods.
• B)The consumption of these goods takes place privately.
• C)The consumption of these goods takes place publicly.
• D)They tend to be consumed by better educated people.

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Definitions:

Current Market Values

The present value of an asset or company based on what it could be sold for in the current market.

Replacement Costs

The current cost of replacing an asset with a new one of similar kind and quality at current prices.

Natural Resources

Materials or substances occurring in nature that can be used for economic gain, such as minerals, forests, water, and fertile land.

Timber

Timber that has been transformed into beams and planks, representing a phase in the manufacturing of wood.