The train fare charged by the local train company is $4.5 during the morning rush hour, but only $2 during the early afternoon. This can be explained by the fact that the demand for train rides during the morning rush hour is _____; but during the early afternoon the demand for train rides is _____: Group of answer choices 1. less elastic; more elastic 2. more elastic; less elastic 3. unit elastic; inelastic 4. more elastic; less inelastic The demand for granola cereal is more price-elastic than the demand for cereals as a whole. This is best explained by the fact that: Group of answer choices 1. granola cereals are a luxury. 2. cereals as a whole are a necessity. 3. there are more substitutes for granola cereals than for cereals as a whole. 4. changes in consumption of cereals as a whole is greater than consumption of granola cereals when prices change.
The train fare charged by the local train company is $4.5 during the morning rush hour, but only $2 during the early afternoon. This can be explained by the fact that the demand for train rides during the morning rush hour is _____; but during the early afternoon the demand for train rides is _____: Group of answer choices 1. less elastic; more elastic 2. more elastic; less elastic 3. unit elastic; inelastic 4. more elastic; less inelastic The demand for granola cereal is more price-elastic than the demand for cereals as a whole. This is best explained by the fact that: Group of answer choices 1. granola cereals are a luxury. 2. cereals as a whole are a necessity. 3. there are more substitutes for granola cereals than for cereals as a whole. 4. changes in consumption of cereals as a whole is greater than consumption of granola cereals when prices change.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The train fare charged by the local train company is $4.5 during the morning rush hour, but only $2 during the early afternoon. This can be explained by the fact that the
Group of answer choices
1. less elastic; more elastic
2. more elastic; less elastic
3. unit elastic; inelastic
4. more elastic; less inelastic
The demand for granola cereal is more
Group of answer choices
1. granola cereals are a luxury.
2. cereals as a whole are a necessity.
3. there are more substitutes for granola cereals than for cereals as a whole.
4. changes in consumption of cereals as a whole is greater than consumption of granola cereals when prices change.
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