A Rare Coin Dealer Is Likely to Have a _______________

question 56

Multiple Choice

A rare coin dealer is likely to have a _______________ price elasticity of supply than does a coffee shop due to ____________________.

• A) more elastic; the availability of inputs
• B) less elastic; the availability of inputs
• C) more elastic; a longer adjustment time
• D) more elastic; a shorter adjustment time

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Definitions:

Elasticity

A measure in economics that shows how the quantity demanded or supplied of a good changes in response to price or other economic factors.

Marginal Utility

The additional satisfaction or benefit (utility) that a consumer gains from consuming one more unit of a good or service.

Consumer Behavior

Consumer behavior examines the decision-making processes and actions of individuals or groups in purchasing and using goods and services.

Maximizes Satisfaction

Refers to the act of choosing options that result in the highest level of satisfaction or utility for an individual or group, based on preferences.