You Are the Lucky Student of a Wacky Professor Who

question 44

Multiple Choice

You are the lucky student of a wacky professor who develops a time machine. He asks if you will test it with him. You get in and there is an immediate glitch-the date readout fails so that when you land you are not sure what era you are in. Your professor begins to panic, but you see something that tells you are in the Cenozoic era. Which of the following could it be?

• A) a rabbit eating a daisy
• B) a water lily floating in a pond
• C) masses of green ferns with dragonflies hovering above them
• D) a forest of large tree ferns
• E) a herd of huge long-necked sauropod dinosaurs

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Definitions:

Complementary Products

Goods or services that are used together, where the use of one increases the value or demand for the other.

Good Substitutes

Products or services that can replace each other in use, offering consumers alternatives that fulfill the same need or function.

Price Elasticity

An indicator of the variation in the amount of a product desired by consumers as its cost fluctuates.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.