# eocn final 2

 .remove_background_ad { border: 1px solid #555555; padding: .75em; margin: .75em; background-color: #e7e7e7; } .rmbg_image { max-height: 80px; } The concept of opportunity cost would explain whether someone chooses to drive, take a cab, take a bus, or walk to school or work because someone with ___________. a high wage is more likely to drive or take a cab to work because his time is worth more. Does this imply that using a bus to get to the destination involves lower total costs than getting there by​ car? What if the bus​ doesn't take the fastest route from point A to point​ B? The marginal cost of using a bus may be higher if it takes more time than by car. In a perfectly competitive​ market, if one seller chooses to charge a price for its good that is slightly higher than the market​ price, then it will​ _________. lose all or almost all of its customers. In a perfectly competitive​ market, sellers​ _________ and buyers​ _________. cannot charge more than the market​ price; cannot pay less than the market price. Which of the following is NOT a direct determining factor of a​ consumer's purchase​ decisions? Cost of factor inputs In a perfectly competitive​ market, all​ consumers: are price takers. ​________ is the difference between the willingness to pay and the price paid for a good. Consumer surplus A good is said to have a relatively elastic demand if the value of price elasticity​ is: greater than 1. If a​ 1% change in the price of a good causes a​ 1% change in the quantity​ demanded, the good has an elasticity of​ demand: equal to 1. If there is an increase in the price of both tea and​ coffee, ________. ​Sandra's expenditure on tea will increase and her expenditure on coffee will decrease Which of the following best describes a good with perfectly elastic​ demand? Even the smallest increase in the price of the good will cause consumers to stop consuming it completely. .remove_background_ad { border: 1px solid #555555; padding: .75em; margin: .75em; background-color: #e7e7e7; } .rmbg_image { max-height: 80px; } Authordwrght16 ID331068 Card Seteocn final 2 Descriptionfinal Updated2017-05-03T03:54:28Z Show Answers