Preferences can be described as
A) what a person likes and dislikes.
B) the income opportunities of several activities.
C) feasible consumption combinations.
D) the relative prices of goods and services.
A
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Big Alice Ice Cream Parlor reduced its price of an ice cream cone from $1 to 90 cents. Sales consequently increased from 1,000 cones per week to 1,050 cones per week. The approximate price elasticity is
A. 0.20. B. 0.46. C. 2.16. D. 5.00.
Refer to the following figure. The price of capital is $50 per unit:
Which of the following combinations of capital and labor lies on the expansion path?
A. 130K, 175L B. 130K, 200L C. 110K, 120L D. 60K, 120L
Table 12.1The four-firm concentration ratio for the market depicted in Table 12.1 is:
A. 10%. B. 40%. C. 82%. D. 92%.
Refer to the information provided in Figure 9.7 below to answer the question(s) that follow. 
Figure 9.7 Refer to Figure 9.7. The type of industry depicted in this situation is
A. an increasing-cost industry. B. a constant-cost industry. C. a decreasing-cost industry. D. impossible to determine from this information.