Author Question: For any given price, the more elastic the demand for a product is, the greater will be the consumer ... (Read 21 times)

KimWrice · **on:** Jun 30, 2018

For any given price, the more elastic the demand for a product is, the greater will be the consumer surplus.
a. True
b. False

Question 2

After paying admission and entering King's Island Amusement Park near Cincinnati, Alan Fujiwara sees a list of waiting times for each attraction and ride. At this point, Alan's marginal dollar cost is
a. zero and so are the marginal time costs of each attraction or ride
b. zero, so he will base his next move on the marginal time costs of each attraction or ride
c. greater than zero based on the admission price, so he will base his next move on the marginal time costs of each attraction or ride
d. greater than zero based on the admission price, so he will ignore the marginal time costs of each attraction or ride
e. less than zero and so are the marginal time costs of each attraction or ride